2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr...

146
&(680$5± &(175281,9(56,7È5,2'(0$5,1*È 0$57$3$8/,1$.$,6(5/(,71(5 2$66e',2025$/1$65(/$d®(6'((035(*262%$ 3(563(&7,9$'26',5(,726'$3(5621$/,'$'( 0$5,1*È

Upload: others

Post on 18-Jul-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

&(680$5�± &(1752�81,9(56,7È5,2�'(�0$5,1*È

0$57$�3$8/,1$�.$,6(5�/(,71(5

2�$66e',2�025$/�1$6�5(/$d®(6�'(�(035(*2�62%�$�3(563(&7,9$�'26�',5(,726�'$�3(5621$/,'$'(

0$5,1*����

Page 2: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

0$57$�3$8/,1$�.$,6(5�/(,71(5

2�$66e',2�025$/�1$6�5(/$d®(6�'(�(035(*2 62%�$�3(563(&7,9$�'26�',5(,726�'$�3(5621$/,'$'(

'LVVHUWDomR�DSUHVHQWDGD�j�%DQFD�([DPLQDGRUD�GR� &HQWUR� 8QLYHUVLWiULR� GH� 0DULQJi�� FRPR�H[LJrQFLD� SDUFLDO� SDUD� REWHQomR� GR� WtWXOR� GH�0HVWUH�HP�'LUHLWR��VRE�D�RULHQWDomR�GD�3URI��'U��/HGD�0DULD�0HVVLDV�GD�6LOYD�

0$5,1*����

Page 3: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

0$57$�3$8/,1$�.$,6(5�/(,71(5

2�$66e',2�025$/�1$6�5(/$d®(6�'(�(035(*2�62%�$�3(563(&7,9$�'26�',5(,726�'$�3(5621$/,'$'(

'LVVHUWDomR�DSUHVHQWDGD�j�%DQFD�([DPLQDGRUD�GR�&HQWUR�8QLYHUVLWiULR�GH�0DULQJi��FRPRH[LJrQFLD�SDUFLDO�SDUD�REWHQomR�GR�WtWXOR�GH�PHVWUH�HP�'LUHLWR��VRE�D�RULHQWDomR�GD�3URI��'U��/HGD�0DULD�0HVVLDV�GD�6LOYD�

$SURYDGD�HP������������

%$1&$�(;$0,1$'25$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URI���'U���/('$�0$5,$�0(66,$6�'$�6,/9$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URI��'U��,9$1�',$6�'$�0277$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URI���'UD��6Ð1,$�/(7Ë&,$�'(�0e//2�&$5'262

Page 4: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

'HGLFR���

$RV�PHXV�SDLV� 0DUWLQ�H�0DULD��H[HPSORV�GH�LQWHJULGDGH�H�ILUPH]D� GH FDUiWHU�� $R� PHX� SDL�� SHOD� IRUoD�� FRUDJHP� H�LQFHQWLYR�± WXGR� TXH� HVFUHYL�� WXGR� TXH� DSUHQGL�� j�PLQKD�PmH�SHOR�GRP�GD�YLGD��SHORV�VDFULItFLRV��SHODV�DOHJULDV�H�WULVWH]DV�TXH�SURSRUFLRQHL�H�SRU�WXGR�TXH�YLYL��GHGLFR�OKHV�HVVH� WUDEDOKR�� 6mR� SHVVRDV� HVSHFLDLV� TXH� PH�RULHQWDUDP�� SDUWLFLSDUDP� H� IL]HUDP� D� GLIHUHQoD�� D� HOHV��PHX�UHFRQKHFLPHQWR�H�JUDWLGmR�-i� GL]LD� 5XL� %DUERVD�� ³VH� XP� GLD�� Mi� KRPHP� IHLWR� H�UHDOL]DGR��VHQWLUHV�TXH�D� WHUUD�FHGH�D� WHXV�SpV��TXH�WXDV�REUDV�GHVPRURQDP��TXH�QmR�Ki�QLQJXpP�j�WXD�YROWD�SDUDWH�HVWHQGHU�D�PmR��HVTXHFH�D�PDWXULGDGH��SDVVD�SHOD�WXD�PRFLGDGH��YROWD�D�WXD�LQIkQFLD�H�EDOEXFLD��HQWUH�OiJULPDV�H�HVSHUDQoDV�� DV� ~OWLPDV� SDODYUDV� TXH� VHPSUH� WH� UHVWDUmR�QD�DOPD��PHX�SDL��PLQKD�PmH���´

Page 5: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

$*5$'(&,0(1726

$�'HXV�TXH��WHQKR�FHUWH]D��SHUPLWLX�H�PH�DFRPSDQKRX�GXUDQWH�HVWH�SDVVR�QD�PLQKD�YLGD�

$R�5REHUWR�PHX� HVSRVR�� SHOR� DSRLR� QRV�PRPHQWRV� GLItFHLV�� H� SHOD�FRPSUHHQVmR�HP�UD]mR�GD�PLQKD�DXVrQFLD�GR�FRQYtYLR�IDPLOLDU��

¬ &KULVWLQH� H� j� SHTXHQD�%UXQD�� SRU� WRGDV� DV� OiJULPDV� GHUUDPDGDV�SHOD�PLQKD�DXVrQFLD��)LOKDV�TXHULGDV����UD]mR�GD�PLQKD�H[LVWrQFLD��GR�PHX�HVIRUoR��GD�PLQKD�DOHJULD�GH�YLYHU�H�GR PHX�DSUHQGL]DGR��TXH�GHVGH�R�SULQFtSLR�HVWLYHUDP�SUHVHQWHV��H�VREUHWXGR��SHOR�'RP�GH�'HXV�H�SULQFLSDOPHQWH�SHOR�PLODJUH�GD�YLGD��

¬V� PLQKDV� LUPmV�� /LFH�� /HQH� H� $QD�� TXH� ORQJH� RX� SHUWR� PH�DVVLVWLUDP�

¬ 'RXWRUD� /HGD� 0DULD� 0HVVLDV� GD� 6LOYD�� PLQKD� RULHQWDGRUD�� SHOR�DSRLR��LQFHQWLYR��VLPSDWLD�H�SUHVWH]D�GLVSHQVDGD�QR�DX[tOLR�SDUD�D�UHDOL]DomR�GHVWH�

Page 6: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

5(6802

2� SULQFLSDO� REMHWLYR� GHVVH� WUDEDOKR� DR� GHVHQYROYHU� R� WHPD� DVVpGLR� PRUDO� QDV�UHODo}HV�GH�HPSUHJR� p�GHVSHUWDU�D�FODVVH�SDWURQDO�H�FRQVFLHQWL]DU�RV�WUDEDOKDGRUHV�VREUH�RV�HIHLWRV�GDQRVRV�FDXVDGRV�SHOR�DVVpGLR�PRUDO�QR�ORFDO�GH�WUDEDOKR��2�WHPD�p� SRXFR� GLVFXWLGR� H� QD� PDLRULD� GDV� YH]HV� R� WUDEDOKDGRU� DVVHGLDGR� VXSRUWD� HP�VLOrQFLR�� VLWXDo}HV� H[WUHPDPHQWH� YH[DWyULDV� HP� UD]mR� GH� VXD� QHFHVVLGDGH� GH�WUDEDOKR�� FRPSUHHQGLGD� FRPR� VHX� VXVWHQWR� H� GH� VXD� IDPtOLD�� 3UHWHQGH�VH�GHPRQVWUDU�R�FRQWH[WR�GR�DVVpGLR�PRUDO�QD�UHODomR�GH�HPSUHJR��RV�VXMHLWRV�GHVVD�UHODomR�H�SULQFLSDOPHQWH�RV�SRGHUHV�DWULEXtGRV�DRV�HPSUHJDGRUHV��TXH�SRU�PXLWDV�YH]HV� H[WUDSRODP� VHXV� OLPLWHV� H� HQVHMDP� D� SUiWLFD� GR� DVVpGLR� PRUDO� QDV�RUJDQL]Do}HV� GH� WUDEDOKR�� 1R� VHJXQGR� FDStWXOR� DERUGD�VH� RV� GLUHLWRV�SHUVRQDOtVVLPRV��TXH� WHP�FRPR�HOHPHQWRV�D�SHUVRQDOLGDGH�GR�VHX� WLWXODU�HP�VHXV�DVSHFWRV� ItVLFR�� PRUDO� H� LQWHOHFWXDO�� 2V� GLUHLWRV� GD� SHUVRQDOLGDGH� QDVFHP� FRP� D�SHVVRD�H�D�DFRPSDQKDP�GXUDQWH�WRGD�VXD�WUDMHWyULD�QD�YLGD��WHQGR�FRPR�REMHWLYR�j�SURWHomR�GDV�TXDOLGDGHV�H�GRV�DWULEXWRV�HVVHQFLDLV�GD�SHVVRD�KXPDQD��GH�IRUPD�D�VDOYDJXDUGDU�VXD�GLJQLGDGH�H�SURWHJr�OD�GH�DJUHVV}HV��FDEHQGR�DR�(VWDGR�WXWHODU�H�VDQFLRQDU� MXULGLFDPHQWH�HVVH�GLUHLWR��$SRQWD�VH�D�FODVVLILFDomR��QDWXUH]D� MXUtGLFD�H�SULQFLSDOPHQWH� R� SULQFtSLR� GD� GLJQLGDGH� KXPDQD�� IXQGDPHQWR� FRQVWLWXFLRQDO� TXH�SURWHJH�D�PRUDO�H�D�GLJQLGDGH�GD�SHVVRD�KXPDQD��VRE�R�DVSHFWR�GR�WUDEDOKDGRU��H�D�DJUHVVmR�j�GLJQLGDGH�RFRUULGD�QR�DPELHQWH�GH� WUDEDOKR��'HSRLV�GH�FDUDFWHUL]DGR�R�DVVpGLR�PRUDO� VRIULGR� SHOR� WUDEDOKDGRU�� DERUGD�VH� R� GDQR�PRUDO� GHFRUUHQWH� GHVVH�DVVpGLR��VXD�QDWXUH]D�MXUtGLFD��FDUDFWHUL]DomR��FRPSHWrQFLD�GD�-XVWLoD�GR�7UDEDOKR�H�D�GLItFLO�WDUHID�GR�-XL]�GH�'LUHLWR�HP�IL[DU�R�YDORU�GHFRUUHQWH�GHVVD�LQGHQL]DomR��TXH�p�D� UHSDUDomR� SHOR� DVVpGLR� VRIULGR�� D� IHUUDPHQWD� GH� UHVJDWH� j� GLJQLGDGH� GR�HPSUHJDGR�

3DODYUDV�FKDYH� DVVpGLR�PRUDO��GLJQLGDGH��WUDEDOKDGRU�

Page 7: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

$%675$&7

7KH�PDLQ�REMHFWLYH�RI�WKLV�ZRUN� ZKLOH�GHYHORSLQJ�WKH�WKHPH�PRUDO�KDUDVVPHQW�LQ�WKH�HPSOR\PHQW� UHODWLRQVKLSV� LV� WR� DZDNH� WKH� HPSOR\HU� FODVV� DQG� PDNH� WKH� ZRUNHUV�DZDUH�RI�WKH�KDUPIXO�HIIHFWV�FDXVHG�E\�WKH�PRUDO�KDUDVVPHQW�LQ�WKH�ZRUN�SODFH��7KH�WKHPH�LV�OLWWOH�GLVFXVVHG�DQG� PRVW�RI�WKH�WLPHV� WKH�KDUDVVHG�ZRUNHU�EHDUV�LQ�VLOHQFH�H[WUHPHO\� YH[DWLRXV� VLWXDWLRQV� EHFDXVH� RI� KLV� ZRUNLQJ� QHHG�� XQGHUVWRRG� DV� KLV�OLYHOLKRRG�DQG�KLV�IDPLO\¶V��,W�LV�LQWHQGHG�KHUH�WR�GHPRQVWUDWH�WKH�FRQWH[W�RI�WKH�PRUDO�KDUDVVPHQW� LQ� WKH�HPSOR\PHQW�UHODWLRQVKLS�� WKH�VXEMHFWV�RI� WKDW� UHODWLRQ�DQG�PDLQO\�WKH�SRZHUV�DWWULEXWHG� WR� WKH�HPSOR\HUV�� WKDW�PDQ\�WLPHV�H[WUDSRODWH� WKHLU� OLPLWV�DQG�SURYLGH�RSSRUWXQLW\�WR�WKH�SUDFWLFH�RIPRUDO�KDUDVVPHQW�LQ�WKH�ZRUN�RUJDQLVDWLRQV��,Q�WKH�VHFRQG�FKDSWHU��WKH�SHUVRQDO�ULJKWV�DUH�DSSURDFKHG��ZKLFK�KDYH�DV�HOHPHQWV�WKH�SHUVRQDOLW\�RI�WKHLU�KROGHU�LQ�KLV�SK\VLFDO��PRUDO�DQG�LQWHOOHFWXDO�DVSHFWV��7KH�ULJKWV�RI�WKH� SHUVRQDOLW\� DUH� ERUQ� ZLWK� WKH�SHUVRQ� DQG� WKH\� DFFRPSDQ\� KLP� GXULQJ� DOO� KLV�OLIHWLPH��KDYLQJ�DV�REMHFWLYH�WKH�SURWHFWLRQ�RI�WKH�TXDOLWLHV�DQG�WKH�HVVHQWLDO�DWWULEXWHV�RI� WKH� KXPDQ� EHLQJ�� LQ� RUGHU� WR� VDIHJXDUG� KLV� GLJQLW\� DQG� WR� SURWHFW� KLP� DJDLQVW�DJJUHVVLRQV�� IDOOLQJ� WR� WKH� 6WDWH� WXWRULQJ� DQG� VDQFWLRQLQJ� WKDW� ULJKW� MXULGLFDOO\�� 7KH�FODVVLILFDWLRQ�� MXULGLFDO� QDWXUH� DQG� PDLQO\� WKH� SULQFLSOH� RI� WKH� KXPDQ� GLJQLW\� DUH�SRLQWHG��FRQVWLWXWLRQDO�EDVLV�WKDW�SURWHFWV�WKH�PRUDO�DQG�WKH�KXPDQ�SHUVRQ¶V�GLJQLW\��XQGHU�WKH�DVSHFW�RI�WKH�HPSOR\HH��DQG�WKH�DJJUHVVLRQ�DJDLQVW�GLJQLW\�VXIIHUHG�LQ�WKH�ZRUN�HQYLURQPHQW��$IWHU�KDYLQJ�FKDUDFWHULVHG�WKH�PRUDO�KDUDVVPHQW�VXIIHUHG�E\�WKH�ZRUNHU��WKH�PRUDO�GDPDJH�RULJLQDWHG�IURP�WKDW�KDUDVVPHQW�LV�DSSURDFKHG��LWV�MXULGLFDO�QDWXUH�� FKDUDFWHULVDWLRQ�� FRPSHWHQFH� RI� WKH� /DERXU� &RXUW� DQG� WKH� -XGJH¶V� GLIILFXOW�WDVN� LQ� VHWWLQJ� WKH� YDOXH� GXH� WR� WKDW� FRPSHQVDWLRQ�� WKDW� LV� WKH� UHGUHVV� IRU� WKH�KDUDVVPHQW�VXIIHUHG��WKH�UDQVRP�WRRO�RI�WKH�HPSOR\HH¶V�GLJQLW\��

.H\�ZRUGV��PRUDO�KDUDVVPHQW��GLJQLW\��ZRUNHU�

Page 8: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

680È5,2

,1752'8d­2 ������������������������������������������������������������������������������������������������������� ��

����� 5(/$d­2�'(�(035(*2�(�5(/$d­2�'(�75$%$/+2 ���������������������������������� 68-(,726�'$�5(/$d­2�'(�(035(*2����������������������������������������������������������� &21&(,72�'(�(035(*$'2���������������������������������������������������������������������� ������� &21&(,72�'(�(035(*$'25������������������������������������������������������������������� ������� 32'(5(6�'2�(035(*$'25�������������������������������������������������������������������� ��

����� '26�',5(,726�'$�3(5621$/,'$'(� ������������������������������������������������������������� &$5$&7(5Ë67,&$6�(�&/$66,),&$d­2�35('20,1$17(6�'26

',5(,726�'$�3(5621$/,'$'(����������������������������������������������������������������������� '2�',5(,72�¬�9,'$�(�¬�',*1,'$'(�12�9,9(5��������������������������������������� ������� 1$785(=$�-85Ë',&$�'26�',5(,726�'$�3(5621$/,'$'(������������������������� '2�35,1&Ë3,2�'$�',*1,'$'(�'$�3(662$�+80$1$�12�$0%,(17(

'2�75$%$/+2�����������������������������������������������������������������������������������������������

����� $66e',2�025$/��$63(&726�*(5$,6�(�&21&(,72 ������������������������������������ &$5$&7(5,=$d­2��(63e&,(6�(�68-(,726�'2�$66e',2�025$/������� ������� /(*,6/$d­2�(675$1*(,5$��������������������������������������������������������������������� ��������3RUWXJDO �������������������������������������������������������������������������������������������������������� ��������,WiOLD ����������������������������������������������������������������������������������������������������������������������)UDQoD ���������������������������������������������������������������������������������������������������������� ��������,QJODWHUUD ������������������������������������������������������������������������������������������������������ ��������1RUXHJD �������������������������������������������������������������������������������������������������������� ��������$OHPDQKD ����������������������������������������������������������������������������������������������������� ��������%pOJLFD���������������������������������������������������������������������������������������������������������� ��������6XtoD ���������������������������������������������������������������������������������������������������������������������(VSDQKD�������������������������������������������������������������������������������������������������������� ���������$XVWUiOLD ����������������������������������������������������������������������������������������������������� ��

Page 9: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

�������(VWDGRV�8QLGRV������������������������������������������������������������������������������������������������� +,3Ï7(6(6�'(�0$1,)(67$d­2�'2�$66e',2�025$/������������������������������� &216(4hÇ1&,$6�'2�$66e',2�025$/�3$5$�2�75$%$/+$'25�(

3$5$�2�(035(*$'2�$66(',$17( �������������������������������������������������������������� &216(4hÇ1&,$6�'2�$66e',2�025$/�3$5$�(035(6$�������������������������� &203257$0(1726�48(�1­2�&$5$&7(5,=$0�$66e',2�025$/��� ������� $�/(*,6/$d­2�(�2�$66e',2�025$/�12�%5$6,/��������������������������������� ������� $�-85,6358'Ç1&,$�(�2�$66e',2�025$/�12�%5$6,/��������������������������

����� 2�'$12�025$/� ���������������������������������������������������������������������������������������������� 1$785(=$�-85Ë',&$�'$�,1'(1,=$d­2�325�'$12�025$/����������������������� '$12�025$/�75$%$/+,67$��$66e',2�025$/������������������������������������ �����������&$5$&7(5,=$d­2�(�3529$�'2�'$12�025$/�75$%$/+,67$���������� �����������'$�5(63216$%,/,'$'(�325�$72�,/Ë&,72�������������������������������������������������������'$�5(3$5$d­2�'2�'$12�(�),;$d­2�'$�,1'(1,=$d­2����������������������

����� $�48(67­2�'$�&203(7Ç1&,$�'$�-867,d$�'2�75$%$/+2 ���������������

&21&/86­2 �������������������������������������������������������������������������������������������������������� ���

5()(5Ç1&,$6 ������������������������������������������������������������������������������������������������������ ���

$1(;26 �������������������������������������������������������������������������������������������������������������������

Page 10: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

,1752'8d­2

$� &RQVWLWXLomR� )HGHUDO� GH� ������ WDPEpP� FKDPDGD� GH� ³&DUWD�&LGDGm´�� FRQVDJURX� RV� SULQFtSLRV� FRQVWLWXFLRQDLV� H� SURFODPRX� HQWUH� HOHV� RV�FKDPDGRV� SULQFtSLRV� IXQGDPHQWDLV� GD� SHVVRD� KXPDQD�� DWULEXLQGR�OKHV� YDORU�VXSUHPR��FRP�D�ILQDOLGDGH�GH�SURWHJHU�D�YLGD�H�D�GLJQLGDGH�GD�SHVVRD�KXPDQD�HP�WRGDV�DV�VXDV�GLPHQV}HV�

2�SULQFtSLR�GD�GLJQLGDGH�GD�SHVVRD�KXPDQD�HQFRQWUD�VH�GLVSRVWR�QR�DUW����� ,,,�� GD�&RQVWLWXLomR� )HGHUDO� H� YLVD� SURWHJHU� D�PRUDO��D� FRQYLYrQFLD� VRFLDO� H�SULQFLSDOPHQWH�D�GLJQLGDGH�GD�SHVVRD�KXPDQD�

2V�GLUHLWRV�GD�SHUVRQDOLGDGH��FRPR�GLUHLWRV�VXEMHWLYRV��VmR�DTXHOHV�LQHUHQWHV�j�SUySULD�SHVVRD��IUXWRV�GH�VXD�SUySULD�H[LVWrQFLD��FRPR�R�GLUHLWR�j�YLGD��j�OLEHUGDGH��LQWHJULGDGH�ItVLFD�H�PRUDO��j�KRQUD��LPDJHP��LQWLPLGDGH��HQILP��VmR�GLUHLWRV�FRQVWLWXFLRQDOPHQWH� SURWHJLGRV� H� QmR� FRQVWLWXHP� XP� URO� OLPLWDGR� GH� GLUHLWRV�� VmR�LQHVJRWiYHLV�� QD� PHGLGD� HP� TXH� LQHUHQWHV j� FRQGLomR� KXPDQD�� H� GHVWLQDGRV�IXQGDPHQWDOPHQWH�DR�H[HUFtFLR�GD�WXWHOD�GD�GLJQLGDGH�GD�SHVVRD�KXPDQD�

$VVLP��PHUHFH�D�WXWHOD�H�D�SURWHomR�GR�(VWDGR�WRGDV�DV�YH]HV�TXH�XPD�SHVVRD�p�DWLQJLGD� VHMD�QD� LQWHJULGDGH�ItVLFD�RX�PRUDO��TXHU�SHOR�FHUFHDPHQWR�GD�OLEHUGDGH��LJXDOGDGH��DXWRQRPLD��RX�HP�VLWXDo}HV�TXH�D�FRORTXH�HP�SRVLomR�GH�GHVLJXDOGDGH� SHUDQWH� RV� GHPDLV�� FRP� R� ILP� GH� GHVFRQVLGHUi�OD� FRPR� SHVVRD� RX�DLQGD�D�SULYi�OD�GRV�PHLRV�QHFHVViULRV�j�VXD�PDQXWHQomR��(P�HVSHFLDO� DERUGDU�VH�j��QR�SUHVHQWH�WUDEDOKR� jV�DJUHVV}HV�DRV�WUDEDOKDGRUHV�TXH�H[HUFHP�IXQo}HV�FRPR�HPSUHJDGRV�� FRQILJXUDQGR�DV� VLWXDo}HV�GR� FKDPDGR�DVVpGLR�PRUDO�� TXH�SRGH� VHU�GHILQLGR� SHOD� PDLRULD� GRV� GRXWULQDGRUHV�� FRPR� D� H[SRVLomR� GR� WUDEDOKDGRU� D�VLWXDo}HV� KXPLOKDQWHV� H� FRQVWUDQJHGRUDV�� UHSHWLWLYDV� H� SURORQJDGDV� GXUDQWH� D�MRUQDGD� GH� WUDEDOKR� H� QR� H[HUFtFLR� GH� VXDV� IXQo}HV�� VHQGR� PDLV� FRPXQV� HP�UHODo}HV�KLHUiUTXLFDV��FRPSUHHQGLGDV�DV�UHODo}HV�GH�WUDEDOKR�HQWUH�R�HPSUHJDGRU�H�R�HPSUHJDGR��RX�HQWUH�XP�HPSUHJDGR�HP�JUDX�KLHUiUTXLFR�VXSHULRU�DR�WUDEDOKDGRU�YtWLPD��RX�DWp�HQWUH�WUDEDOKDGRUHV�QR�PHVPR�QtYHO�IXQFLRQDO��WRUQDQGR�D�UHODomR�GD�YtWLPD�FRP�R�DPELHQWH�GH� WUDEDOKR�H�D�RUJDQL]DomR� LQVXSRUWiYHO�� IRUoDQGR�D�YtWLPD�DWp�D�GHVLVWLU�GR�HPSUHJR��

Page 11: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

$V�KLSyWHVHV�H�DV�FRQVHT�rQFLDV�GR�DVVpGLR�PRUDO�VHUmR�DERUGDGDV�DR� ORQJR� GHVVH� WUDEDOKR�� TXH� WHP� SRU� REMHWLYR� DSRQWDU� DV� VLWXDo}HV� HP� TXH� VH�FRQILJXUD� R� DVVpGLR� PRUDO� H�D� SURWHomR GD� GLJQLGDGH� GR� WUDEDOKDGRU� YtWLPD� GR�DVVpGLR� FRPR�SHVVRD�H�VXMHLWR�GH�GLUHLWRV�H�REULJDo}HV�

1D� VHT�rQFLD�� DERUGD�VH� D� TXHVWmR� GR� GDQR� PRUDO� GHFRUUHQWH� GR�DVVpGLR�PRUDO� VRIULGR� SHOR� WUDEDOKDGRU�� VXD� QDWXUH]D� MXUtGLFD�� VXD� FDUDFWHUL]DomR��IRUPD�GH� LQGHQL]DomR� H� D� GLItFLO� WDUHID� GR�PDJLVWUDGR�HP�DUELWUDU� R� YDORU� GHYLGR� D�WtWXOR�GH�LQGHQL]DomR�SRU�GDQR�PRUDO� GHFRUULGR�GH�DVVpGLR�PRUDO�SUDWLFDGR�FRQWUD�R�WUDEDOKDGRU��QR�H[HUFtFLR�GH�VXD�IXQomR�

Page 12: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

� 5(/$d­2�'(�(035(*2�(�5(/$d­2�'(�75$%$/+2

)UDQFLVFR� )HUUHLUD� -RUJH� 1HWR� H� -RXEHUWR� &DYDOFDQWH� GHILQHP�UHODomR�GH�HPSUHJR�³FRPR�XP�FRQWUDWR��FXMR�FRQWH~GR�PtQLPR�p�D� OHL�� WHQGR�FRPR�VXMHLWRV�� GH� XP� ODGR�� R� HPSUHJDGR�� TXH� SUHVWD� VHUYLoRV�� GH� RXWUR� R� HPSUHJDGRU��SDUD� TXHP� RV� VHUYLoRV� VmR� SUHVWDGRV� FRQWLQXDGDPHQWH�� VXERUGLQDGDPHQWH� H�PHGLDQWH�VDOiULR´�

$PDXUL� 0DVFDUR� 1DVFLPHQWR� GHILQH� D� UHODomR� GH� HPSUHJR� FRPR�VHQGR�³D�UHODomR�MXUtGLFD�GH�QDWXUH]D�FRQWUDWXDO�WHQGR�FRPR�VXMHLWRV�R�HPSUHJDGR�H�R�HPSUHJDGRU�H�FRPR�REMHWR�R�WUDEDOKR�VXERUGLQDGR��FRQWLQXDGR�H�DVVDODULDGR´�

5XVVRPDQR� D�GHILQH�FRPR�³R�YtQFXOR�REULJDFLRQDO�TXH�VXERUGLQD�R�HPSUHJDGR�DR�HPSUHJDGRU��UHVXOWDQWH�GR�FRQWUDWR�LQGLYLGXDO�GH�WUDEDOKR´�

&RP�EDVH�QHVVDV�LQIRUPDo}HV��REVHUYD�VH�XP�FDUiWHU�FRQWUDWXDO�GD�UHODomR�GH�HPSUHJR��1RV�WHUPRV�GR�'LUHLWR�3RVLWLYR�%UDVLOHLUR��D�UHODomR�GH�HPSUHJR�p� SURGXWR� GHVVH� FRQWUDWR�� ³FRQWUDWR� LQGLYLGXDO� GH� WUDEDOKR� p� R� DFRUGR� WiFLWR� RX�H[SUHVVR��FRUUHVSRQGHQWH�j�UHODomR�GH�HPSUHJR´� FRQIRUPH�GLVSRVWR�QR�DUW�����GD�&RQVROLGDomR�GDV�/HLV�GR�7UDEDOKR�

3DUD�'RZHU��� ³D� OHL�QmR�REULJD�TXH�R�FRQWUDWR�VHMD�IHLWR�SRU�HVFULWR��9DOH�GL]HU�� SDUD�TXH�H[LVWD�XPD� UHODomR�HPSUHJDWtFLD�� QmR�Ki�QHFHVVLGDGH�GH�XP�FRQWUDWR GH�WUDEDOKR�SRU�HVFULWR��RX�DQRWDomR�QD�FDUWHLUD�GH�WUDEDOKR´�

(�R�DXWRU�DLQGD��GHILQH�FRQWUDWR�WiFLWR�H�H[SUHVVR���

&RQWUDWR�WiFLWR�Gi�VH�TXDQGR�DV�SDUWHV�QmR�DFKDUHP�QHFHVVLGDGH�GH�TXDOTXHU� DMXVWH� SUpYLR�� R� HPSUHJDGRU� WHP� FLrQFLD� GD� SUHVWDomR�FRQWLQXDGD�GH�VHUYLoRV�H�QmR�VH�RS}H�j�HOD��$QDOLVH�R�H[HPSOR�GDGR�

� -25*(�1(72��)UDQFLVFR�)HUUHLUD��&$9$/&$17(��-RXEHUWR�GH�4XDGURV�3HVVRD��5HVSRQVDELOLGDGH H�DV�UHODo}HV�GH�WUDEDOKR� 6mR�3DXOR��/WU��������S������

� 1$6&,0(172��$PDXUL�0DVFDUR��&XUVR�GH�GLUHLWR�GR�WUDEDOKR� ���HG��6mR�3DXOR��6DUDLYD��������S�����

� 586620$12��0R]DUW�9LFWRU��2�HPSUHJDGRU�H�R�HPSUHJDGR�QR�GLUHLWR�EUDVLOHLUR � ��HG��5LR�GH�-DQHLUR��)RUHQVH��������S�����

� '2:(5�� 1HOVRQ� *RGR\� %DVVLO�� ,QVWLWXLo}HV� GH� GLUHLWR� S~EOLFR� H� SULYDGR�� ���HG�� 6mR� 3DXOR��6DUDLYD��������S�����

� ,G��,ELG���S�����

Page 13: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

SHOR�3URI��&HVDULQR�-~QLRU�HP�XPD�GH�VXDV�DXODV��XP�FLGDGmR�SDVVD�SRU� XP� OXJDU� RQGH� HVWi� VHQGR� HUJXLGD� XPD� FRQVWUXomR�� SiUD� XP�PRPHQWR�� ILFD� REVHUYDQGR� R� WUDEDOKR�� ILFD� WHQWDGR�� WLUD� R� SDOHWy� H�FRPHoD� D� WUDEDOKDU�� 2� HQFDUUHJDGR� Yr� H� QmR� VH� RS}H�� 1R� ILP� GH�VHPDQD��GLD�GR�SDJDPHQWR�D�WRGRV�RV�HPSUHJDGRV�GD�REUD��HOH�WHP�GLUHLWR�GH�UHFHEHU�R�VDOiULR��FRPR�RV�RXWURV��SRUTXH�IRL�UHDOL]DGR�XP�FRQWUDWR�WiFLWR�GH�WUDEDOKR��e�TXH�R�VLOrQFLR�SRGH��WDPEpP��HQFHUUDU�PDQLIHVWDomR�SRVLWLYD�GH�YRQWDGH��&RQWUDWR�H[SUHVVR�± SRGH�VHU�SRU�HVFULWR��IRUPDOL]DGR��UHGX]LGR�D�WHUPR��RX�SRGH�VHU�YHUEDO��EDVWDQGR�DV�SDODYUDV�SDUD�FULDU�R�YtQFXOR�HPSUHJDWtFLR�

1HFHVViULR� VH� ID]� FRQFHLWXDU� R� WHUPR� FRQWUDWR�� Mi� TXH� SHORV�GRXWULQDGRUHV�p�EDVWDQWH�XWLOL]DGR�SDUD�GHILQLU�D�UHODomR�GH�HPSUHJR�

'HOJDGR� FRPHQWD�TXH�³D�QRomR�GH�FRQWUDWR�p� LPSRUWDQWH��XPD�YH]�TXH�DFHQWXD�D�GLPHQVmR�DQLPXV�FRQWUDKHQGL TXH�VXEMD]�j�UHODomR�MXUtGLFD�IRUPDGD��(VVD�LQWHQomR�GH�VH�YLQFXODU�HPSUHJDWLFLDPHQWH��FRPR�YLVWR��DQLPXV�FRQWUDKHQGL�� p�TXH� FRQIHUH� �RX� QmR��� GR� SRQWR� GH� YLVWD� VXEMHWLYR�� RQHURVLGDGH� HPSUHJDWtFLD� DR�YtQFXOR�LQVWLWXtGR�HQWUH�DV�SDUWHV´�

(�R�DXWRU� UHVVDOWD�

$� QRomR� GH� FRQWUDWR� p�� SRU� RXWUR� ODGR�� WmR� DPSOD� TXH� Gi� FRQWD� GH�TXDOTXHU� VLWXDomR� KLVWRULFDPHQWH� H[SHULPHQWDGD� QR� TXH� WDQJH� j�UHODomR�GH�HPSUHJR��3RGH�DEUDQJHU��DVVLP��GHVGH�DV�VLWXDo}HV�PDLV�DVVLPpWULFDV�� KLHUiUTXLFDV� H� XQLODWHUDLV� ± FDUDFWHUtVWLFDV� �PDV� QmR�DSHQDV�� GR� LQtFLR� GR� FDSLWDOLVPR� RX� GRV� H[SHULPHQWRV� DXWRULWiULRV�QD]L�IDVFLVWDV� H� FRUSRUDWLYLVWDV� GR� VpFXOR� ;;� ± DWp� VLWXDo}HV� GH�SRGHU� PDLV� HTXLOLEUDGDV�� GLDOpWLFDV� H� GHPRFUiWLFDV�� FRPR�FRQVWUXtUDP�VH� QDV� H[SHULrQFLDV� GHPRFUiWLFDV� HXURSpLDV� PDLV�DYDQoDGDV�GR�SHUtRGR� SyV�6HJXQGD�*XHUUD�0XQGLDO� �GH� ��������j�GpFDGD�GH�������SHOR�PHQRV���

6HJXQGR�'RZHU��DSXG�',1,=�� R�³FRQWUDWR�FRQVWLWXL�XPD�HVSpFLH�GH�QHJyFLR� MXUtGLFR�� GH� QDWXUH]D� ELODWHUDO� RX� SOXULODWHUDO�� GHSHQGHQGR�� SDUD� D� VXD�IRUPDomR��GR�HQFRQWUR�GD�YRQWDGH�GDV�SDUWHV´�

2EVHUYD�VH� TXH�R� FRQWUDWR� p� XPD� HVSpFLH� GH�QHJyFLR� MXUtGLFR�� XP�DFRUGR�GH�YRQWDGH�GH�GXDV�RX�PDLV�SHVVRDV��EXVFDQGR� UHJXODU�RV� LQWHUHVVHV�GRV�

� '(/*$'2��0DXULFLR�*RGLQKR��&XUVR�GH�GLUHLWR�GR�WUDEDOKR� ��HG��6mR�3DXOR��/WU��������S������ ,G��,ELG���S������� ',1,=�� 0DULD� +HOHQD�� &XUVR� GH� GLUHLWR� FLYLO� EUDVLOHLUR�� WHRULD� GDV� REULJDo}HV� FRQWUDWXDLV� H�H[WUDFRQWUDWXDLV�����HG��6mR�3DXOR��6DUDLYD��������S�����

Page 14: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

PHVPRV�� FRQVWLWXLQGR�� PRGLILFDQGR� RX� H[WLQJXLQGR� UHODo}HV� MXUtGLFDV� GH� QDWXUH]D�SDWULPRQLDO�

2� FRQWUDWR� FRPR� XP� QHJyFLR� MXUtGLFR HVWi� VXMHLWR� DRV� UHTXLVLWRV�FRQVWDQWHV�GR�DUWLJR�����GR�&yGLJR�&LYLO�� TXDLV�VHMDP��DJHQWH�FDSD]��REMHWR� OtFLWR��SRVVtYHO�� GHWHUPLQDGR� RX� GHWHUPLQiYHO� H� IRUPD� SUHVFULWD� RX� QmR� GHIHVD� HP� OHL�� (�SDUD�TXH�XP�FRQWUDWR�VHMD�YiOLGR��p�QHFHVViULR�VHJXQGR�0DULD�+HOHQD�'LQL]��

$� H[LVWrQFLD� GH� GXDV� RX�PDLV� SHVVRDV�� XPD� YH]� TXH� R� FRQWUDWR� p�ELODWHUDO�RX�SOXULODWHUDO��GHYHQGR�DV�SDUWHV�VHUHP�FDSD]HV�GH�SUDWLFDU�DWRV�GD�YLGD�FLYLO� �QmR�VH�HQTXDGUHP�QRV�DUWLJRV����H����GR�&yGLJR�&LYLO��� FRP� DSWLGmR� HVSHFtILFD� SDUD� FRQWUDWDU�� SRLV� D� OHL� LPS}H�OLPLWDo}HV�j�OLEHUGDGH�GH�FHOHEUDU�GHWHUPLQDGRV�FRQWUDWRV��H�TXH�KDMD�R�FRQVHQWLPHQWR�GDV�SDUWHV�FRQWUDWDQWHV�

-RUJH� 1HWR� H� &DYDOFDQWH���� FRP� UHODomR� j� QDWXUH]D� FRQWUDWXDO� GD�UHODomR� GH� HPSUHJR�� GH� IRUPD� EDVWDQWH� REMHWLYD�� GHVHQYROYHP� DV� VHJXLQWHV�FRQVLGHUDo}HV�

D��FRQWUDWR�GH�WUDEDOKR�± DFRUGR�WiFLWR�RX�H[SUHVVR�TXH�FRUUHVSRQGH�D� UHODomR� GH� HPSUHJR�� E�� RV� VXMHLWRV� VmR� ± HPSUHJDGR� H�HPSUHJDGRU��F��HPSUHJDGR��p�D�SHVVRD�ItVLFD�TXH�SUHVWD�VHUYLoRV�GH�QDWXUH]D� QmR� HYHQWXDO� D� HPSUHJDGRU� VRE� D� VXERUGLQDomR� GHVWH� H�PHGLDQWH� VDOiULR� ± DUW���� GD� &/7�� G�� HPSUHJDGRU� p� D� HPSUHVD� RX�RXWURV�HQWHV�TXH�DGPLWHP��DVVDODULDP�H�GLULJHP�D�SUHVWDomR�SHVVRDO�GRV�VHUYLoRV�± DUW����GD�&/7�

3DUD� 2FWiYLR� %XHQR� 0DJDQR�� ³FRQWUDWR� GH� WUDEDOKR� p� R� QHJyFLR�MXUtGLFR� SHOR� TXDO� XPD� SHVVRD� ItVLFD� VH� REULJD�� PHGLDQWH� UHPXQHUDomR�� D� SUHVWDU�VHUYLoRV�QmR�HYHQWXDLV��D�RXWUD�SHVVRD�RX�HQWLGDGH��VRE�D�GLUHomR�GH�TXDOTXHU�GDV�~OWLPDV´�

$�UHODomR�GH�HPSUHJR�SRGH�VHU�GHQRPLQDGD�FRPR�XPD�HVSpFLH�GD�UHODomR�GH�WUDEDOKR��WRPDGD�HVWD�GH�PRGR�JHQpULFR��$�GLVWLQomR�HQWUH�DV�GXDV�QHP�VHPSUH�p�IHLWD�SHOD�GRXWULQD��VHQGR�FRPXP�QD�SUiWLFD�WRPDU�VH�FRPR�VLQ{QLPDV�DV�

� ',1,=��������S������ -25*(�1(72��&$9$/&$17(��������S�������� 0$*$12��2FWDYLR�%XHQR��'LUHLWR�LQGLYLGXDO�GR�WUDEDOKR� ��HG� 6mR�3DXOR��/WU��������S����

Page 15: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

H[SUHVV}HV� ³UHODomR� GH� WUDEDOKR´� H� ³UHODomR� GH� HPSUHJR´��0DXUtFLR� *RGLQKR�'HOJDGR�� DSRQWD�GLVWLQomR�HQWUH�HODV�

$�&LrQFLD�GR�'LUHLWR�HQ[HUJD�FODUD�GLVWLQomR�HQWUH�UHODomR�GH WUDEDOKR�H�UHODomR�GH�HPSUHJR��(�DGX]�TXH�D�SULPHLUD�H[SUHVVmR�VH�UHIHUH�µD�WRGD�PRGDOLGDGH�GH�FRQWUDWDomR�GH�WUDEDOKR�KXPDQR�PRGHUQDPHQWH�DGPLVVtYHO¶�� $� H[SUHVVmR� UHODomR� GH� WUDEDOKR� HQJOREDULD�� GHVVH�PRGR�� D� UHODomR� GH� HPSUHJR�� D� UHODomR� GH� WUDEDOKR� DXW{QRPR�� D�UHODomR� GH� WUDEDOKR� HYHQWXDO�� GH� WUDEDOKR� DYXOVR� H� RXWUDV�PRGDOLGDGHV�GH�SDFWXDomR�GH�SUHVWDomR�GH�ODERU��FRPR�FRQWUDWR�GH�HVWiJLR��HWF����

1R� PHVPR� VHQWLGR� D� UHODomR� GH� WUDEDOKR� FRPR� JrQHUR� p�DFRPSDQKDGD�SRU�$UQDOGR�6�VVHNLQG���

$�UHODomR�GH�WUDEDOKR�p�JrQHUR�GR�TXDO�D�UHODomR�GH�HPSUHJR�p�XPD�GDV� HVSpFLHV�� SRLV� DEUDQJH� WDPEpP� RXWURV� FRQWUDWRV�� FRPR� RV� GH�SUHVWDomR�GH�VHUYLoRV�SRU�WUDEDOKDGRUHV�DXW{QRPRV��HPSUHLWHLUDV�GH�ODYRU��PDQGDWR�SDUD�HPSUHHQGHU�GHWHUPLQDGD�DWLYLGDGH�HP�QRPH�GR�PDQGDQWH�� UHSUHVHQWDomR� FRPHUFLDO� DWULEXtGD� D� SHVVRD� ItVLFD��FRQWUDWRV�GH�DJHQFLDPHQWR�H�FRUUHWDJHP�

3RGH�VH�REVHUYDU�TXH�D�UHODomR�GH�WUDEDOKR�WHP�XPD�FRQFHLWXDomR�PDLV�DPSOD��GD�TXDO�HQJORED�D�UHODomR�GH�HPSUHJR��H�QmR VH�OLPLWD�D�UHSUHVHQWDU�R�FRQWUDWR� GH� WUDEDOKR� RX� D� UHODomR� GH� HPSUHJR�� HOD� WHP� FRPR� IXQGDPHQWR� XPD�UHODomR� MXUtGLFD�� TXH� WHP� SRU� REMHWR� R� WUDEDOKR� KXPDQR� SUHVWDGR� SRU� DOJXpP� D�RXWUHP� GH� IRUPD� HYHQWXDO� RX� QmR�� VXERUGLQDGD� RX� QmR�� HQIDWL]DQGR�VH� R� ODERU�KXPDQR�

$�UHODomR�GH�HPSUHJR�SDUD�TXH�VH�FRQILJXUH�p�QHFHVViULR�YHULILFDU�D�H[LVWrQFLD� GH� FHUWRV� UHTXLVLWRV� FRPR�� D� SUHVWDomR� GR� VHUYLoR� SRU� SHVVRD� ItVLFD��VXERUGLQDomR�� SHVVRDOLGDGH�� FRQWLQXLGDGH� H� FRQWUDSUHVWDomR� SRU� PHLR GD�UHPXQHUDomR�SHOR�VHUYLoR�SUHVWDGR�

�� '(/*$'2��0DXUtFLR *RGLQKR��&XUVR�GH�GLUHLWR�GR� WUDEDOKR����HG��6mR�3DXOR��/WU�������� S���������

�� 6h66(.,1'�� $UQDOGR�� $V� UHODo}HV� LQGLYLGXDLV� H� FROHWLYDV� GH� WUDEDOKR� QD� UHIRUPD� GR� SRGHU�MXGLFLiULR� ,Q�� &287,1+2�� *ULMDOER� )HUQDQGHV�� )$9$�� 0DUFRV� 1HYHV� �&RRUG���� -XVWLoD� GR�WUDEDOKR��FRPSHWrQFLD�DPSOLDGD� 6mR�3DXOR��/7U��������S�������

Page 16: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

$OLFH�0RQWHLUR�GH�%DUURV�� FRPHQWD�TXH ³D�UHODomR�GH�HPSUHJR�WHP�QDWXUH]D�FRQWUDWXDO�H[DWDPHQWH�SRUTXH�p�JHUDGD�SHOR�FRQWUDWR�GH�WUDEDOKR´�

(�D�DXWRUD�� FLWD�RV�SULQFLSDLV�HOHPHQWRV�GD�UHODomR�GH�HPSUHJR�

D�� D� SHVVRDOLGDGH�� RX� VHMD�� XP� GRV� VXMHLWRV� �R� HPSUHJDGR�� WHP� R�GHYHU� MXUtGLFR� GH� SUHVWDU RV� VHUYLoRV� HP� IDYRU� GH� RXWUHP�SHVVRDOPHQWH�� E�� D� QDWXUH]D� QmR�HYHQWXDO� GR� VHUYLoR�� LVWR� p�� HOH�GHYHUi� VHU� QHFHVViULR� j� DWLYLGDGH� QRUPDO� GR� HPSUHJDGRU�� F�� D�UHPXQHUDomR� GR� WUDEDOKR� D� VHU� H[HFXWDGR� SHOR� HPSUHJDGR�� G��ILQDOPHQWH�� D� VXERUGLQDomR� MXUtGLFD� GD� SUHVWDomR� GH� VHUYLoRV� DR�HPSUHJDGRU�

$� UHODomR� GH� HPSUHJR� SRGH� VHU� GHILQLGD� FRPR� XP� FRQMXQWR� GH�REULJDo}HV� H[LVWHQWH� HQWUH� R� WUDEDOKDGRU� H� R� HPSUHJDGRU�� 2� TXH� FDUDFWHUL]D� D�UHODomR� GH� HPSUHJR�p� D� GHSHQGrQFLD� GR� WUDEDOKDGRU� GLDQWH� GR� HPSUHJDGRU�� (VVH�YtQFXOR�GH�GHSHQGrQFLD�RX�VXERUGLQDomR��KLHUiUTXLFD�RX�MXUtGLFD��GLVWLQJXH�D�UHODomR�GH�HPSUHJR�GH�RXWUDV� UHODo}HV�GH� WUDEDOKR��1D� UHODomR�GH�HPSUHJR��p�QHFHVViULR�SURWHJHU� R� WUDEDOKDGRU� FRP� XPD� VXSHULRULGDGH� MXUtGLFD� D� ILP� GH� FRPSHQVDU� VXD�LQIHULRULGDGH�HFRQ{PLFD�HP�UHODomR�DR�HPSUHJDGRU�

$ UHODomR� GH� HPSUHJR� VH� FDUDFWHUL]D� TXDQGR� XPD� SHVVRD� ItVLFD�SUHVWD�VHUYLoRV�GH�QDWXUH]D�QmR�HYHQWXDO�DR HPSUHJDGRU��2�DUWLJR����GD�&/7�WUDWD�GD� SHVVRDOLGDGH� H� GLVS}H� TXH� ³FRQVLGHUD�VH� HPSUHJDGR� WRGD� SHVVRD� ItVLFD� TXH�SUHVWDU�VHUYLoRV�GH�QDWXUH]D�QmR�HYHQWXDO�D�HPSUHJDGRU��VRE�GHSHQGrQFLD�GHVWH�H�PHGLDQWH� VDOiULR´��2� DUW���� GD� &/7� GLVS}H�� ³FRQVLGHUD�VH� HPSUHJDGRU� D� HPSUHVD��LQGLYLGXDO� RX� FROHWLYD�� TXH�� DVVXPLQGR� RV� ULVFRV� GD� DWLYLGDGH� HFRQ{PLFD�� DGPLWH��DVVDODULD�H�GLULJH�D�SUHVWDomR�SHVVRDO�GH�VHUYLoR´� 'Dt�SRGH�VH�H[WUDLU�RV�UHTXLVLWRV�SDUD� TXH� VH� FDUDFWHUL]H� D� ILJXUD� GR� HPSUHJDGR�� WUDEDOKR� SHVVRDO�� VHUYLoRV� GH�QDWXUH]D�QmR�HYHQWXDO��WUDEDOKR�VXERUGLQDGR��WUDEDOKR�UHPXQHUDGR��H�DLQGD�H[LVWH�R�UHTXLVLWR�GD�DOWHULGDGH�QR�TXDO�R WUDEDOKR�p�SUHVWDGR�VHP�ULVFR�SDUD�R�HPSUHJDGR��FDEHQGR�DR�HPSUHJDGRU��DVVXPLU�RV�ULVFRV�GR�HPSUHHQGLPHQWR��TXH�QmR�SRGHP�VHU�WUDQVIHULGRV� DR� HPSUHJDGR�� Mi� TXH� p� R� HPSUHJDGRU� TXHP� DXIHUH� RV� OXFURV� GR�QHJyFLR��5HTXLVLWRV�HVWHV��TXH�VHUmR�DERUGDGRV�QR�SUy[LPR�FDStWXOR�

�� %$5526��$OLFH�0RQWHLUR�GH��&XUVR�GH�GLUHLWR�GR�WUDEDOKR��6mR�3DXOR��/WU��������S������� ,G��,ELG���S�����

Page 17: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

��� 68-(,726�'$�5(/$d­2�'(�(035(*2

2V�VXMHLWRV�GD� UHODomR�GH�HPSUHJR�RX�GR�FRQWUDWR�GH� WUDEDOKR�VmR�DTXHOHV�TXH�FULDP�XP�YtQFXOR�HQWUH�VL��VmR�HOHV��R�HPSUHJDGR�H�R HPSUHJDGRU�

��� &21&(,72�'(�(035(*$'2

(QFRQWUDPRV�QR�DUW����GD�&/7�D�GHILQLomR�GH�HPSUHJDGR��

&RQVLGHUD�VH�HPSUHJDGR�WRGD�SHVVRD�ItVLFD�TXH�SUHVWDU�VHUYLoRV�GH�QDWXUH]D� QmR� HYHQWXDO� D� HPSUHJDGRU�� VRE� D� GHSHQGrQFLD� GHVWH� H�PHGLDQWH� VDOiULR�� (� HP� VHX� 3DUiJUDIR� ÒQLFR� GLVS}H�� QmR� KDYHUi�GLVWLQo}HV� UHODWLYDV� j� HVSpFLH� GH� HPSUHJR� H� j FRQGLomR� GH�WUDEDOKDGRU��QHP�HQWUH�R�WUDEDOKR�LQWHOHFWXDO��WpFQLFR�H�PDQXDO�

9HULILFD�VH� TXH� R� SULPHLUR� UHTXLVLWR� SDUD� D� FRQVWLWXLomR� GR�HPSUHJDGR p� TXH� HOH� VHMD� SHVVRD� ItVLFD�� LVWR� p�� VHU� KXPDQR�� VXMHLWR� GH� GLUHLWRV� H�REULJDo}HV� QR� RUGHQDPHQWR� MXUtGLFR� WDQWR� TXH� -RUJH� 1HWR�� FRPHQWD� TXH� ³D�HVVrQFLD�GR�'LUHLWR�GR�7UDEDOKR�p�D�SURWHomR�H�YDORUDomR�GD�GLJQLGDGH�GD�SHVVRD�KXPDQD´�

'RZHU�� DILUPD TXH�

2� HPSUHJDGR� Vy� SRGH� VHU� XPD� SHVVRD� QDWXUDO�� (OH� QmR� SRGH�HQWUHJDU� RX� SDVVDU� D� WHUFHLUR� D� H[HFXomR� GDV� REULJDo}HV� GR� VHX�FRQWUDWR�GH�WUDEDOKR��8P�SDL��SRU�H[HPSOR��QmR�SRGH�SHGLU�TXH�VHX�ILOKR� R� VXEVWLWXD� QR� FXPSULPHQWR� GRV� VHXV� GHYHUHV� FRQWUDWXDLV��6RPHQWH� FRP� D� FRQFRUGkQFLD� GR� HPSUHJDGRU� R� ILOKR� SRGHUi��HYHQWXDOPHQWH�VXEVWLWXLU�R�SDL�

�� -25*(�1(72��&$9$/&$17(��������S�������� '2:(5��������S�����

Page 18: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

1mR� VH� FDUDFWHUL]D� FRPR� HPSUHJDGR� D� SHVVRD� MXUtGLFD�� SRUTXH� D�SURWHomR� GD� OHL� p� GHVWLQDGD� DR� VHU� KXPDQR� TXH� WUDEDOKD�� j� VXD� YLGD�� VD~GH��LQWHJULGDGH�ItVLFD�H�OD]HU��

2�FRQWUDWR�GH�WUDEDOKR�p�LQWXLWR�SHUVRQDH��p�DMXVWDGR�HP�IXQomR�GH�GHWHUPLQDGD� SHVVRD��1HVVH� VHQWLGR� p� TXH� VH� GL]�TXH�QmR� KDYHQGR� SHVVRDOLGDGH��GHVFDUDFWHUL]D�VH�D�UHODomR�GH�HPSUHJR��

(PSUHJDGR� p�� WDPEpP�� XP� WUDEDOKDGRU� QmR� HYHQWXDO�� RX� VHMD�� D�QDWXUH]D� GR� VHUYLoR� SUHVWDGR� p� D� KDELWXDOLGDGH� D� XPD� SHVVRD� GXUDQWH� XP� FHUWR�SHUtRGR� GH� WHPSR�� RX� VHMD�� QmR� HYHQWXDO� p� DTXHOH�TXH� H[HUFH� XPD� DWLYLGDGH� GH�PRGR�FRQWtQXR�SHUDQWH�XPD�PHVPD�IRQWH�GH�WUDEDOKR�j�TXDO�VH�IL[D�

2UODQGR�*RPHV�� FRPHQWD�TXH�

3DUD� TXH� DOJXpP� DVVXPD� D� FRQGLomR� GH� HPSUHJDGR�� QmR� Ki�UHVWULo}HV�GHFRUUHQWHV�GH�VH[R��GD�FRU��GR�HVWDGR�FLYLO��GD�LGDGH��GD�JUDGXDomR�RX�GD�FDWHJRULD��&HUWDPHQWH��DV�PXOKHUHV�QmR�VH�SRGHP�HPSUHJDU� HP� WRGR� JrQHUR� GH� DWLYLGDGHV�� H� RV� PHQRUHV� GH� FHUWD�LGDGH�QmR�SRGHP�WUDEDOKDU��PDV�WDLV�SURLELo}HV�VmR��DQWHV��UHVWULo}HV�j� FDSDFLGDGH� GH� FHOHEUDU� FRQWUDWR� GH� WUDEDOKR�� GHQWUR� GH� FHUWR�HVStULWR�SURWHFLRQLVWD��KRMH�FRQWHVWDGR�SRU�SDUWH�GD�GRXWULQD�

'pOLR� 0DUDQKmR�� DILUPD� TXH� GD� GHILQLomR� OHJDO� GH� HPSUHJDGR�UHVXOWD�

D�� TXH� R� HPSUHJDGR� p�� VHPSUH�� SHVVRD� ItVLFD�� ,VWR� GHFRUUH� GD�QDWXUH]D�GR�FRQWUDWR�GH� WUDEDOKR��SHOR�TXDO�VH�FRQWUDWD�D�SUHVWDomR�SHVVRDO� GH� VHUYLoRV� �LQWXLWR� SHUVRQDH� � R� TXH� DIDVWD� ORJLFDPHQWH� D�SRVVLELOLGDGH� GH� VHU� µHPSUHJDGR¶� D� SHVVRD� MXUtGLFD�� E�� TXH� RV�VHUYLoRV� FRQWUDWDGRV� GHYHP� VHU� SUHVWDGRV� GH� PRGR� QmR� HYHQWXDO��LVWR�p��TXH�D�XWLOL]DomR�GD�IRUPD�GH�WUDEDOKR��FRPR�IDWRU�GH�SURGXomR��GHYH�FRUUHVSRQGHU�jV�QHFHVVLGDGHV�QRUPDLV GD�DWLYLGDGH�HFRQ{PLFD�HP�TXH�p�HPSUHJDGD��2�WUDEDOKDGRU�HYHQWXDO��R�µELVFDWHLUR¶��p�DTXHOH�DGPLWLGR� µSRU� FLUFXQVWkQFLDV� H[FHSFLRQDLV� RX� WUDQVLWyULDV� GR�HVWDEHOHFLPHQWR¶�� 2� WHPSR� GH� GXUDomR� GD� SUHVWDomR� QmR� LPSRUWD��SHOD�SUySULD�QDWXUH]D�GD�DWLYLGDGH�GR�HPSUHJDGRU��R�VHUYLoR�SRGH�VHU�SUHVWDGR� DSHQDV� GXUDQWH� SRXFDV� KRUDV� GLDULDPHQWH�� FRPR� QR� FDVR�GH�ELOKHWHULDV�GH�FLQHPD��'HVGH�TXH�R�VHUYLoR�QmR�VHMD�H[FHSFLRQDO�RX�WUDQVLWyULR�HP�UHODomR�j�DWLYLGDGH�GR�HVWDEHOHFLPHQWR��QmR�Ki�IDODU�

�� *20(6��2UODQGR��*2776&+$/.��eOVRQ��&XUVR�GH�GLUHLWR�GR�WUDEDOKR��5LR�GH�-DQHLUR��)RUHQVH��������S����

�� 0$5$1+­2��'pOLR��,QVWLWXLo}HV�GH�GLUHLWR�GR�WUDEDOKR� ���HG��6mR�3DXOR��/WU��������S�����

Page 19: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

HP�WUDEDOKR�HYHQWXDO��F��TXH�D�SUHVWDomR�GR�VHUYLoR�QmR�VH�Gr�VRE�IRUPD�DXW{QRPD�� LVWR� p�� TXH�QmR�H[HUoD�R� WUDEDOKDGRU�� HOH� SUySULR��XPD�DWLYLGDGH�HFRQ{PLFD��e�SUHFLVR��SRUWDQWR��SDUD�VHU�HPSUHJDGR�TXH�R�WUDEDOKDGRU�VH�OLPLWH�D�SHUPLWLU�TXH�VXD�IRUoD�GH�WUDEDOKR�VHMD�XWLOL]DGD��FRPR� IDWRU�GH�SURGXomR��QD�DWLYLGDGH�HFRQ{PLFD�H[HUFLGD�SRU�RXWUHP��D�TXHP�ILFD�SRU�LVVR��MXULGLFDPHQWH�VXERUGLQDGR��G��TXH�D�SUHVWDomR�GH� WUDEDOKR�QmR�VH�Gr�D� WtWXOR�JUDWXLWR��SRUTXH�R�FRQWUDWR�GH�WUDEDOKR�p�XP�FRQWUDWR�RQHURVR��1mR�p�D� IDOWD�GH�HVWLSXODomR�GR�TXDQWXP GR� VDOiULR� RX� R� VHX� SDJDPHQWR� VRE� IRUPD� LQGLUHWD� TXH�GHVILJXUDP�D�FRQGLomR�GH�HPSUHJDGR��H�VLP�D�LQWHQomR�GH�SUHVWDU�R�VHUYLoR� GHVLQWHUHVVDGDPHQWH�� SRU�PHUD� EHQHYROrQFLD�� $� SUySULD� OHL�SUHYr�D�KLSyWHVH�GH�IDOWD�GH�HVWLSXODomR�GR�VDOiULR��GLVSRQGR�TXH��HP�WDO�FDVR��WHUi�R�HPSUHJDGR�GLUHLWR�jTXHOH�FRUUHVSRQGHQWH�DR�PHVPR�VHUYLoR� QR� HVWDEHOHFLPHQWR� RX� KDELWXDOPHQWH� SDJR� SDUD� VHUYLoR�HTXLYDOHQWH��DUW�����GD�&RQVROLGDomR��

'HVWDFD�VH�R�SRVLFLRQDPHQWR�GH�9DOHQWLQ�&DUULRQ����

1mR�HYHQWXDO�� SHUPDQHQWH� RX� SRU� WHPSR� GHWHUPLQDGR�� (YHQWXDO��RFDVLRQDO�� HVSRUiGLFR��$TXL�R� FRQFHLWR�QmR�p�DSHQDV� WHPSRUDO�SRLV�TXH�QmR�GHYH�VHU�DWULEXtGR�R�FDUiWHU�GH�HYHQWXDOLGDGH��D��TXDQGR�R�WUDEDOKR� WHP� SRU� REMHWR� QHFHVVLGDGH� QRUPDO� GD� HPSUHVD�� TXH� VH�UHSHWH�SHULyGLFD�H�VLVWHPDWLFDPHQWH��H[��YHQGHGRUD�GH�LQJUHVVRV�HP�WHDWUR�� XPD� KRUD� SRU� GLD�� P~VLFRV� GH� XP� FOXEH�� GRLV� GLDV� SRU�VHPDQD��SURIHVVRU�GH�HVFROD��GXDV�DXODV�SRU�VHPDQD���E��WUDEDOKDGRU�FRQWUDWDGR� SDUD� UHIRUoDU� D� SURGXomR� SRU� SRXFR� WHPSR� �GHYH� VHU�FRQWUDWDGR�SRU�WHPSR�GHWHUPLQDGR��TXDQWDV�YH]HV�IRUHP�QHFHVViULDV�H�QmR�FRPR�HYHQWXDO���F��TXDQGR�R�WHPSR�GH�H[HFXomR�GRV�VHUYLoRV�VH� DORQJD�� XOWUDSDVVDQGR� R� TXH� SRGHULD� VHU� FRQVLGHUDGR� µFXUWD�GXUDomR�

6XERUGLQDomR� p� RXWUR� UHTXLVLWR� HVVHQFLDO� SDUD� D� FRQILJXUDomR� GR�HPSUHJDGR�� (PSUHJDGR� VXERUGLQDGR� p� DTXHOH� FXMD� DWLYLGDGH� p� H[HUFLGD� VRE�GHSHQGrQFLD� GH�RXWUHP�SDUD� TXHP�p�GLULJLGD�� R� TXH� VLJQLILFD� GL]HU�� TXH�p� DOJXpP�TXH�WUDEDOKD�VRE�R�SRGHU�GH�GLUHomR�MXUtGLFD�HFRQ{PLFD�GH�RXWUHP��

2�HPSUHJDGR��ILQDOPHQWH��GHYH�VHU�UHPXQHUDGR��2�HPSUHJDGRU�WHP�D�REULJDomR�GH�UHWULEXLU�DR�HPSUHJDGR�R�YDORU�PRQHWiULR�SDFWXDGR�HQWUH�DV�SDUWHV��SHORV�VHUYLoRV�TXH�VmR�H[HFXWDGRV��RX�VHMD�� R� VDOiULR�p� UHTXLVLWR�HVVHQFLDO�SDUD�D�FDUDFWHUL]DomR� GR� HPSUHJDGR� PHVPR� SRUTXH� D� /HJLVODomR� 7UDEDOKLVWD� SURtEH� R�WUDEDOKR�D�WtWXOR�JUDWXLWR��HP�KRUD�SHUPLWH�R�YROXQWiULR��

�� &$55,21�� 9DOHQWLQ�� &RPHQWiULRV� j� FRQVROLGDomR� GDV� OHLV� GR� WUDEDOKR � ���HG�� 6mR� 3DXOR��6DUDLYD��������S�����

Page 20: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

$OLFH�0RQWHLUR�GH�%DUURV�� FLWD�RV�GHYHUHV�GR�HPSUHJDGR�

$� REULJDomR� GH� WUDEDOKDU� DVVXPLGD� SHOR� HPSUHJDGR� DR� FHOHEUDU� R�FRQWUDWR�YHP�DFRPSDQKDGD�GR�GHYHU�GH�REHGLrQFLD�jV�LQVWUXo}HV�GR�HPSUHJDGRU��R�TXDO�p�XPD�FDUDFWHUtVWLFD�PDQLIHVWD�GD�VXERUGLQDomR�MXUtGLFD� GR� HPSUHJDGR�� 'R� H[HUFtFLR� GR� SRGHU� GLUHWLYR� GR�HPSUHJDGRU�� SRUWDQWR�� VXUJH� SDUD� R� HPSUHJDGR� R� GHYHU� GH�REHGLrQFLD�D�RUGHQV�RX�UHFRPHQGDo}HV�OtFLWDV�

(� D� DXWRUD� DLQGD� DSRQWD� RV� GHYHUHV� GH�GLOLJrQFLD� �H[HFXWDU� DV�DWLYLGDGHV� FRP� ]HOR�� H� R� GHYHU� GH�ILGHOLGDGH� �p� D� FRQGXWD� KXPDQD� KRQUDGD�� TXH�SUHVVXS}H�DJLU�FRP�UHWLGmR��

&RQFOXLQGR�� HPSUHJDGR� WDPEpP� p� R GHVWLQDWiULR� GDV� QRUPDV�SURWHWRUDV� TXH� FRQVWLWXHP� R� GLUHLWR� GR� WUDEDOKR�� p� D� SHVVRD� ItVLFD� TXH� SUHVWD�SHVVRDOPHQWH�SDUD�SHVVRD�ItVLFD�RX�MXUtGLFD�VHUYLoRV�QmR�HYHQWXDLV��VXERUGLQDGRV�H�PHGLDQWH�VDOiULR�

��� &21&(,72�'(�(035(*$'25

4XDQWR�DR�HPSUHJDGRU��GLVS}H�R�DUW����GD�&/7�

&RQVLGHUD�VH� HPSUHJDGRU� D� HPSUHVD�� LQGLYLGXDO� RX� FROHWLYD�� TXH��DVVXPLQGR� RV� ULVFRV� GD� DWLYLGDGH� HFRQ{PLFD�� DGPLWH�� DVVDODULD� H�GLULJH�D�SUHVWDomR�SHVVRDO�GH�VHUYLoR��3DUiJUDIR�����(TXLSDUDP�VH�DR�HPSUHJDGRU�� SDUD� RV� HIHLWRV� H[FOXVLYRV�GD� UHODomR�GH�HPSUHJR�� RV�SURILVVLRQDLV�OLEHUDLV��DV�LQVWLWXLo}HV�GH�EHQHILFrQFLD��DV�DVVRFLDo}HV�UHFUHDWLYDV�RX�RXWUDV� LQVWLWXLo}HV�VHP�ILQV� OXFUDWLYRV��TXH�DGPLWLUHP�WUDEDOKDGRUHV�FRPR�HPSUHJDGRV��3DUiJUDIR�����6HPSUH�TXH�XPD�RX�PDLV�HPSUHVDV��WHQGR�HPERUD�FDGD�XPD�GHODV�SHUVRQDOLGDGH�MXUtGLFD�SUySULD��HVWLYHUHP�VRE�D�GLUHomR��FRQWUROH�RX�DGPLQLVWUDomR�GH�RXWUD��FRQVWLWXLQGR� JUXSR� LQGXVWULDO�� FRPHUFLDO� RX� GH TXDOTXHU� RXWUD�DWLYLGDGH�HFRQ{PLFD��VHUmR��SDUD�RV�HIHLWRV�GD�UHODomR�GH�HPSUHJR��VROLGDULDPHQWH� UHVSRQViYHLV�j�HPSUHVD�SULQFLSDO�H�D�FDGD�XPD GDV�VXERUGLQDGDV�

�� %$5526��������S�����

Page 21: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

0DUDQKmR�� HVFODUHFH�TXH��

2�HPSUHJDGRU�p�XP�GRV�VXMHLWRV�GR�FRQWUDWR�GH�WUDEDOKR��µFRQWUDWR¶�D�TXH�VH�UHIHUH��H[SUHVVDPHQWH��HP�YiULRV�GH�VHXV�DUWLJRV��D�PHVPD�&RQVROLGDomR�� 2UD�� VRPHQWH� D SHVVRD ItVLFD� RX� MXUtGLFD� SRGH�FRQWUDWDU��-XULGLFDPHQWH��FRPR�LUHPRV�YHU��D�µHPSUHVD¶��HPSUHJDQGR�VH�� DLQGD� DVVLP�� WDO� SDODYUD� HP� VHQWLGR� LPSUySULR�� SRUTXH�� D� ULJRU��HPSUHVD�VLJQLILFD�DWLYLGDGH��p�REMHWR�GH�GLUHLWR�

(� R� DXWRU� FRQFOXL���� ³HPSUHJDGRU�� MXULGLFDPHQWH�� FRPR� XP� GRV�VXMHLWRV� GR� FRQWUDWR� GH� WUDEDOKR�� p� D SHVVRD� ItVLFD� RX� MXUtGLFD�� TXH�� DVVXPLQGR� RV�ULVFRV�GD�DWLYLGDGH�HFRQ{PLFD��DVVDODULD�H�GLULJH�D�SUHVWDomR�SHVVRDO�GH�VHUYLoRV´�

3DUD� $PDXUL� 0DVFDUR� GR� 1DVFLPHQWR���� ³HPSUHJDGRU� p� WRGR� HQWH��GRWDGR�RX�QmR�GH�SHUVRQDOLGDGH�MXUtGLFD��FRPR�WDPEpP�R�VHUi�WDQWR�D�SHVVRD�ItVLFD�FRPR�D�SHVVRD�MXUtGLFD´�

0DXUtFLR� *RGLQKR� 'HOJDGR�� GHILQH� HPSUHJDGRU� FRPR� ³D� SHVVRD�ItVLFD�� MXUtGLFD� RX� HQWH� GHVSHUVRQLILFDGR� TXH� FRQWUDWD� XPD� SHVVRD� ItVLFD� SDUD� D�SUHVWDomR� GH� VHXV� VHUYLoRV�� HIHWXDGRV� FRP� SHVVRDOLGDGH�� RQHURVLGDGH�� QmR�HYHQWXDOLGDGH�H�VRE�VXD�VXERUGLQDomR´�

'pOLR�0DUDQKmR�� H[SOLFD� TXH� R� OHJLVODGRU� SDUWLX� GD� IDOVD� SUHPLVVD�GH� TXH� R� HPSUHJDGRU� VHMD� D� HPSUHVD�� H� GH� TXH� D� DWLYLGDGH� HFRQ{PLFD� VXSRQKD�QHFHVVDULDPHQWH�OXFUR��GDt�D�UHGDomR�GR�����TXH�GL]�TXH�³RV�SURILVVLRQDLV�OLEHUDLV��DV�LQVWLWXLo}HV�GH�EHQHILFrQFLD��DV�DVVRFLDo}HV� UHFUHDWLYDV�RX�RXWUDV� LQVWLWXLo}HV�VHP�ILQV� OXFUDWLYRV�� HTXLSDUDP�VH� DR� HPSUHJDGRU´�� 6DEH�VH� TXH� HOHV�� DR� DGPLWLUHP�HPSUHJDGRV��VmR�HPSUHJDGRUHV�H�QmR�HTXLSDUDGRV�

(� R� DXWRU� FRQFOXL�� ³HPSUHJDGRU� p� R HQWH�� GRWDGR� RX� QmR� GH�SHUVRQDOLGDGH�MXUtGLFD��FRP�RX�VHP�ILP�OXFUDWLYR��TXH�WLYHU�HPSUHJDGR´�

�� 0$5$1+­2��������S������� ,G��,ELG���S�������� 1$6&,0(172��$PDXUL�0DVFDUR�� ,QLFLDomR�DR�GLUHLWR�GR� WUDEDOKR�� ���HG��6mR�3DXOR��/WU��������S�����

�� '(/*$'2��������S������� 0$5$1+­2��RS��FLW���S�����

Page 22: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

2UODQGR� *RPHV�� GHILQH� HPSUHJDGRU� FRPR� ³GHYHGRU� GD�FRQWUDSUHVWDomR�VDODULDO�H�RXWUDV�DFHVVyULDV��FUHGRU�GD�SUHVWDomR�GH� WUDEDOKR�H�GH�VXD�XWLOLGDGH�p�HOH D�ILJXUD�FHQWUDO�GD�HPSUHVD��QR�VHX�GLQDPLVPR�HFRQ{PLFR��VRFLDO�H�GLVFLSOLQDU´�

4XDQGR�R�OHJLVODGRU�GLVVH�TXH�R�HPSUHJDGRU�DVVXPLUi�RV�ULVFRV�GR�HPSUHHQGLPHQWR��TXLV�GL]HU�TXH�DR�PHVPR�WHPSR�HP�TXH�DXIHUH�RV�OXFURV�DGYLQGRV�GRV� DWRV� FRPHUFLDLV�� WDPEpP� GHYHUi� DUFDU� FRP� DV� SHUGDV� GR� HPSUHHQGLPHQWR��$VVLP�� GHYHUi� GXUDQWH� R� FRQWUDWR� GH� WUDEDOKR�� REVHUYDU� TXH� HVVHV� ULVFRV GD�DWLYLGDGH�HFRQ{PLFD�QmR�SRGHP�VHU�WUDQVIHULGRV�SDUD�R�HPSUHJDGR��RX�VHMD��WUDWD�VH�GR�UHTXLVLWR�GD�DOWHULGDGH�PHQFLRQDGR�DR�GLVFRUUHU�VH�VREUH�HPSUHJDGR�

'HOJDGR�� FRQFOXL�TXH�³VmR�GRLV�HVVHV�HIHLWRV��RX�FDUDFWHUtVWLFDV��GD�ILJXUD� GR� HPSUHJDGRU�� GH� XP� ODGR�� D� VXD� GHVSHUVRQDOL]DomR�� SDUD� ILQV�MXVWUDEDOKLVWDV�� GH� RXWUR� ODGR�� VXD�DVVXQomR� GRV� ULVFRV GR� HPSUHHQGLPHQWR� H� GR�SUySULR�WUDEDOKR�FRQWUDWDGR´�

$VVLP�� SRGH�VH� FRQFOXLU� TXH� R� HPSUHJDGRU� p� D� HPSUHVD� LQGLYLGXDO��SHVVRD�ItVLFD�TXH�H[HUFH�SURILVVLRQDOPHQWH�DWLYLGDGH�HFRQ{PLFD�RUJDQL]DGD�SDUD�D�SURGXomR� RX� D� FLUFXODomR� GH� EHQV� H� VHUYLoRV�± DUW�����&&�� H� FROHWLYD� �VRFLHGDGH�FXMD�GHILQLomR�HQFRQWUDPRV�QR�DUW�����GR�&&��

��� 32'(5(6�'2�(035(*$'25

$� UHODomR� HPSUHJDWtFLD� WHP� FRPR� XP� GRV� IXQGDPHQWRV� R� WUDEDOKR�VXERUGLQDGR�� TXH�p� XP�GRV�HOHPHQWRV� OHJDLV� SDUD� D� FRQFHLWXDomR�GH�HPSUHJDGR��3RU� RXWUR� ODGR� WHP�VH� R� SRGHU� GLUHWLYR� GR� HPSUHJDGRU� FRPR� XP� GRV�HOHPHQWRV�HVVHQFLDLV�SDUD�D�FRQFHLWXDomR�GH�HPSUHJDGRU�

3RGHU�GLUHWLYR� GR�HPSUHJDGRU� SRGH� VHU� FRQFHLWXDGR� FRPR�R�SRGHU�GH�GHWHUPLQDU�R�PRGR�H�D IRUPD�FRPR�D�DWLYLGDGH�GR�HPSUHJDGR�VHUi�H[HUFLGD�HP�GHFRUUrQFLD�GR�FRQWUDWR�GH�WUDEDOKR�

�� *20(6��*2776&+$/.��������S������ '(/*$'2��������S�����

Page 23: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

e�QR�H[HUFtFLR�GHVWH�GLUHLWR��TXH�R�HPSUHJDGRU�SRGH�WRPDU�WRGDV�DV�GHFLV}HV� FRQFHUQHQWHV� j� RUJDQL]DomR� GR� WUDEDOKR��SRU� PHLR GH� PDQLIHVWDo}HV�YHUEDLV�RX�HVFULWDV��QDV�TXDLV�H[WHULRUL]D�VXDV�RUGHQV�RX�UHFRPHQGDo}HV��3RU�IRUoD�GR� SRGHU� GLUHWLYR�� p� TXH� R� HPSUHJDGRU� WHP� R� GLUHLWR� GH� H[LJLU� GR� HPSUHJDGR� j�FRQWUDSUHVWDomR�D�TXH�VH�REULJRX�

3DUD� 'pOLR� 0DUDQKmR���� R� HPSUHJDGRU� WHP� R� GLUHLWR� GH� GLULJLU��FRQWURODU� H� DSOLFDU� SHQDV� GLVFLSOLQDUHV DRV� HPSUHJDGRV�� 6HMD� TXDO� IRU� D�IRUPD� GH�WUDEDOKR�VXERUGLQDGR��H[LVWH�RV�VHJXLQWHV�GLUHLWRV�GR�HPSUHJDGRU�

D��GH�GLUHomR H�GH�FRPDQGR�� FDEHQGR�OKH�GHWHUPLQDU�DV�FRQGLo}HV�SDUD� D� XWLOL]DomR� H� DSOLFDomR� FRQFUHWD� GD� IRUoD� GH� WUDEDOKR� GR�HPSUHJDGR�� QRV� OLPLWHV� GR� FRQWUDWR�� E�� GH� FRQWUROH�� TXH� p� R� GH�YHULILFDU�R�H[DWR�FXPSULPHQWR�GD�SUHVWDomR�GH�WUDEDOKR� F��GH�DSOLFDU�SHQDV GLVFLSOLQDUHV�� HP� FDVR� GH� LQDGLPSOHPHQWR� GH� REULJDomR�FRQWUDWXDO�

(VVH� SRGHU� GLUHWLYR� GR� HPSUHJDGRU� HQFRQWUD�VH� IXQGDPHQWDGR� QR�DUW���� GD� &/7�� TXDQGR� DR� GHILQLU� HPSUHJDGRU�� GL]� TXH� p� DTXHOH� TXH�GLULJH� D�SUHVWDomR�SHVVRDO�GRV�VHUYLoRV�GRV�HPSUHJDGRV�

6HJXQGR�2FWiYLR�%XHQR�0DJDQR�� ³R�SRGHU�GLUHWLYR�GR�HPSUHViULR�p�D�FDSDFLGDGH��RULXQGD�GR�VHX�GLUHLWR�VXEMHWLYR��RX�HQWmR�GD�RUJDQL]DomR�HPSUHVDULDO��SDUD� GHWHUPLQDU� D� HVWUXWXUD� WpFQLFD� H� HFRQ{PLFD� GD� HPSUHVD� H� GDU� FRQWH~GR�FRQFUHWR�jV�DWLYLGDGHV�GR�WUDEDOKDGRU��YLVDQGR�j�UHDOL]DomR�GDV�ILQDOLGDGHV�GDTXHOD´�

-RUJH�1HWR�H�&DYDOFDQWH�� GHQRPLQDP�R�SRGHU�GR�HPSUHJDGRU�FRPR�SRGHU� KLHUiUTXLFR�H� FRPHQWDP�TXH�� ³R� SRGHU� GLUHWLYR� UHSUHVHQWD� D� IDFXOGDGH� OHJDO�TXH� p� FRQFHGLGD� DR� HPSUHJDGRU� GH� FRPDQGDU� D�SUHVWDomR� SHVVRDO� GRV� VHUYLoRV��RUJDQL]DQGR�D��FRQWURODQGR�D�H SXQLQGR�R�WUDEDOKDGRU�VH�IRU�QHFHVViULR´�

'HOJDGR�� XWLOL]D� R� WHUPR� SRGHU� HPSUHJDWtFLR SDUD� GHILQLU SRGHU�KLHUiUTXLFR� H�DVVLP�R�FRQFHLWXD�

�� 0$5$1+­2��������S������� 0$*$12��������S������ -25*(�1(72��&$9$/&$17(��������S������� '(/*$'2��������S�����

Page 24: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

3RGHU� HPSUHJDWtFLR� p� FRQMXQWR� GH� SUHUURJDWLYDV� DVVHJXUDGDV� SHOD�RUGHP� MXUtGLFD� H� WHQGHQFLDOPHQWH� FRQFHQWUDGDV� QD� ILJXUD� GR�HPSUHJDGRU�� SDUD� H[HUFtFLR� QR� FRQWH[WR� GD� UHODomR� GH� HPSUHJR��3RGH�VHU�FRQFHLWXDGR��DLQGD��FRPR�R�FRQMXQWR�GH�SUHUURJDWLYDV�FRP�UHVSHLWR�j�GLUHomR��UHJXODPHQWDomR��ILVFDOL]DomR�H�GLVFLSO LQDPHQWR�GD�HFRQRPLD� LQWHUQD� j� HPSUHVD� H� FRUUHVSRQGHQWH� SUHVWDomR� GH�VHUYLoRV�

(�R�DXWRU�� HVFODUHFH�� ³DVVLP��FRQVLGHUD�VH�PDLV�DFHUWDGR�UHIHULU�VH�DR� IHQ{PHQR� JOREDO� GR� SRGHU� QR� kPELWR� GD� UHODomR� GH� HPSUHJR� SHOD� H[SUHVVmR�JHQpULFD� SRGHU� HPSUHJDWtFLR �RX� VH� SUHIHULU�� SRGHU� LQWUD�HPSUHVDULDO��� HP� YH]� GH�SRGHU�KLHUiUTXLFR´�

$PDXUL�0DVFDUR�GR�1DVFLPHQWR�� FRQFHLWXD�R� SRGHU� GH�GLUHomR�GR�HPSUHJDGRU�³FRPR�XPD�IDFXOGDGH�TXH�OKH�p�DWULEXtGD�SDUD�GHWHUPLQDU�R�PRGR�FRPR�D� DWLYLGDGH� GR� HPSUHJDGR�� HP� GHFRUUrQFLD� GR� FRQWUDWR� GH� WUDEDOKR�� GHYH� VHU�H[HUFLGD´�

(�R�DXWRU�DILUPD�TXH�R�SRGHU�GLUHWLYR�GR�HPSUHJDGRU� ³PDQLIHVWD�VH�HP�WUrV�YHUWHQWHV��R�SRGHU�GH�RUJDQL]DomR��R�SRGHU�GH�FRQWUROH�H�R�SRGHU�GLVFLSOLQDU´�

&RQFHLWXD� $PDXUL� 0DVFDUR� GR� 1DVFLPHQWR���� R� SRGHU� GH�RUJDQL]DomR�GR�HPSUHJDGRU�FRPR�DTXHOH�TXH�

&RPSUHHQGH� D� KDUPRQL]DomR� GD� DWLYLGDGH� GR� HPSUHJDGR� DRV�GHPDLV� IDWRUHV� GH� SURGXomR�� WHQGR� HP� YLVWD� DV� ILQDOLGDGHV� YLVDGDV�SHOD� HPSUHVD�� 1D� QHFHVVLGDGH� GH� FRRUGHQDomR� GRV� IDWRUHV� GH�SURGXomR� UHVLGH�� SRLV�� D� UD]mR� GH� VHU� GR� SRGHU� RUJDQL]DFLRQDO� GR�HPSUHJDGRU�

-RUJH� 1HWR� H� &DYDOFDQWH���� TXDQWR� DR� SRGHU� GH� RUJDQL]DomR�FRPHQWDP�TXH�R�HPSUHJDGRU�SRVVXL�D�IDFXOGDGH�GD�RUJDQL]DomR�TXDQWR�DRV�IDWRUHV�QDWXUH]D�� FDSLWDO� H� WUDEDOKR�� H� ³p� R� HPSUHJDGRU� TXHP� HVFROKH� D� DWLYLGDGH� D� VHU�H[HUFLGD��D�HVWUXWXUD� MXUtGLFD�D�VHU�DGRWDGD�SDUD�R�GHVHPSHQKR�GHVWD�DWLYLGDGH��R�Q~PHUR�GH�HPSUHJDGRV�VXDV�WDUHIDV�H�IXQo}HV��D�IL[DomR�GDV�UHJUDV�H�QRUPDV�TXH�LUmR�FRPSRU�R�UHJXODPHQWR�GD�HPSUHVD�HWF�´�� '(/*$'2��������S����� 1$6&,0(172��������S������� ,G��,ELG���S������� -25*( 1(72��&$9$/&$17(��������S�����

Page 25: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

2�SRGHU�GH�FRQWUROH�FRQVLVWH�QD�IDFXOGDGH�GR�HPSUHJDGRU�ILVFDOL]DUH�SXQLU�DV�DWLYLGDGHV�SURILVVLRQDLV�GH�VHXV�HPSUHJDGRV��

6HJXQGR�-RUJH�1HWR�H�&DYDOFDQWH���

&DEH�DR�HPSUHJDGRU�GLWDU�DV�UHJUDV�H�DV�WDUHIDV�D�VHUHP�H[HUFLGDV��$R� ODGR� GHVWD� IL[DomR�� HP� GHFRUUrQFLD� GR� SRGHU� GLUHWLYR�� SRVVXL� D�IDFXOGDGH� GH� H[LJLU� R LPSOHPHQWR� GDV� WDUHIDV� H� VH�� IRU� R� FDVR�� GH�SXQLU�R�HPSUHJDGR�HP�FDVR�GH�QHJOLJrQFLD��LPSHUtFLD�RX�LPSUXGrQFLD�TXDQWR�DR�GHVHPSHQKR�GH�VHXV�VHUYLoRV�

(�DLQGD��R�DXWRU�FLWD�H[HPSORV�GD�DWXDomR�GHVVH�SRGHU�GH�FRQWUROH��³R� FRQWUROH� VH� ID]�DWUDYpV�GH� IL[DomR GH�KRUiULRV�HP� OLYURV�RX�FDUW}HV�GH�SRQWR��D�SUHVWDomR�GH�FRQWDV�GH�HPSUHJDGRV�YHQGHGRUHV��R�FRQWUROH�GH�SHoDV�SURGX]LGDV��D�UHYLVWD�GRV�HPSUHJDGRV�DR�HQWUDU�H�VDLU�GR�ORFDO�GH�WUDEDOKR�HWF´��

$PDXUL�0DVFDUR�GR�1DVFLPHQWR�� FRPHQWD�TXH�³FRQVLVWH�R�SRGHU�GHFRQWUROH� QR� GLUHLWR� GR� HPSUHJDGRU� GH� ILVFDOL]DU� D� SUHVWDomR� GH� WUDEDOKR� SHOR�HPSUHJDGR�� FRPSUHHQGHQGR�QmR� VRPHQWH�R�PRGR�GH�H[HFXomR�GDV� WDUHIDV� FRPR�WDPEpP�D�FRQGXWD�GR�WUDEDOKDGRU´�

(�SRU�ILP��R�SRGHU�GLVFLSOLQDU��TXH�SRGH�VHU�FRQFHLWXDGR�FRPR�XPD�SUHUURJDWLYD� GR� HPSUHJDGRU� GH� DSOLFDU� VDQo}HV� SHOR� GHVFXPSULPHQWR� GDV�REULJDo}HV�FRQWUDWXDLV�SRU�SDUWH�GR�HPSUHJDGR�

4XDQWR�DR�SRGHU�GLVFLSOLQDU��'pOLR�0DUDQKmR�� DILUPD�TXH��

&RQVWLWXHP� DV� VDQo}HV� GLVFLSOLQDUHV� RV� PHLRV� GH� TXH� GLVS}H� R�HPSUHJDGRU�� SDUD� D� LPHGLDWD� WXWHOD� GH� VHXV� GLUHLWRV� HP� FDVR� GH�YLRODo}HV�GDV�REULJDo}HV�DVVXPLGDV�SHOR�HPSUHJDGR��'Dt�SRUTXH�R�GHYHU� GH� REHGLrQFLD� p� OLPLWDGR� HP� UD]mR� GD� PDWpULD� �REULJDo}HV�UHODWLYDV�RX�FRQH[DV�j�SUHVWDomR�GR�WUDEDOKR��H�HP�UD]mR�GR�WHPSR��YLJrQFLD�GR�FRQWUDWR��

(�DLQGD�FRPHQWD�R�DXWRU�� TXH�³DV�VDQo}HV�GLVFLSOLQDUHV� WUDGX]HP�VH� SHOD� UHSUHHQVmR�� SHOD� VXVSHQVmR� H� SHOD� GHVSHGLGD�� $� PXOWD� VDODULDO� H� D��� -25*(�1(72��&$9$/&$17(��������S������� 1$6&,0(172��������S������� -25*(�1(72��&$9$/&$17(��RS��FLW���S�����

Page 26: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

WUDQVIHUrQFLD�SXQLWLYD�QmR�VmR�DGPLWLGDV��VHQGR�TXH�D�VXVSHQVmR�QmR�SRGH�LU�DOpP�GH�WULQWD�GLDV´�

(� FRQILUPD� TXH� D� ILQDOLGDGH� GDV� VDQo}HV� GLVFLSOLQDUHV� ³p� D� GH�UHVWDEHOHFHU�R�HTXLOtEULR�QD�H[HFXomR�GR�WUDEDOKR��SHUPLWLQGR�D�FRQVHFXomR�GRV�ILQV�D�TXH�VH�GHVWLQD�D�HPSUHVD��XPD�GDV�FRQGLo}HV�GH�VXD�DSOLFDomR�p�D�LPHGLDWLGDGH´�

$OLFH�0RQWHLUR�GH�%DUURV�� FRPHQWD�TXH�R�SRGHU�GLVFLSOLQDU�³WUDGX]�D�FDSDFLGDGH�FRQFHGLGD�DR�HPSUHJDGRU�GH�DSOLFDU�VDQo}HV�DR�HPSUHJDGR�LQIUDWRU�GRV�GHYHUHV� D� TXH� HVWi� VXMHLWR� SRU� IRUoD� GH� OHL�� GH� QRUPD� FROHWLYD� RX� GR� FRQWUDWR�� 2�H[HUFtFLR� GHVVH�SRGHU� WHP�SRU� ILP�PDQWHU� D� RUGHP�H� D� KDUPRQLD� QR�DPELHQWH�GH�WUDEDOKR´�

(�D�DXWRUD�� UHFRPHQGD�

1D�DSOLFDomR�GDV�PHGLGDV�GLVFLSOLQDUHV��R�HPSUHJDGRU�GHYHUi�DWHU�VH�DR�QH[R�GH�FDXVDOLGDGH�HQWUH�D�IDOWD�H�D�SXQLomR�H�j�LPHGLDWLGDGH��VRE SHQD GH SHUGmR WiFLWR��j�SURSRUFLRQDOLGDGH�HQWUH�R�FRPSRUWDPHQWRIDOWRVR�H�D�VDQomR��j�SURLELomR�GH�GXSOD�SHQDOLGDGH�SHOD�PHVPD�IDOWD�± QRQ� ELV� LQ� LGHP�� j� DSOLFDomR� GH� VDQo}HV� LJXDLV� DRV� HPSUHJDGRV�TXH� SUDWLFDUDP� D� PHVPD� IDOWD�� /HPEUH�VH�� DLQGD�� TXH� D� SXQLomR�DSOLFDGD�QmR�SRGHUi�VHU�VXEVWLWXtGD�

3DUD� $PDXUL� 0DVFDUR� GR� 1DVFLPHQWR���� ³SRGHU� GLVFLSOLQDU� p� D�WHUFHLUD� PDQLIHVWDomR� GR� SRGHU� GH� GLUHomR�� e� R� GLUHLWR� GR� HPSUHJDGRU� GH� LPSRU�VDQo}HV�GLVFLSOLQDUHV�DRV�VHXV�HPSUHJDGRV´�

2�DXWRU�DSRQWD�GXDV�FRUUHQWH�GRXWULQiULDV��

8PD�QHJD�R�SRGHU�GLVFLSOLQDU�SRU�HQWHQGHU�TXH��VHQGR�D�UHODomR�GH�HPSUHJR�XP�FRQWUDWR�HQWUH�GRLV�VXMHLWRV��VH�XP�GHOHV�SRGH��R�RXWUR�WDPEpP�SRGHULD� H[HUFHU� R�PHVPR� SRGHU��2� HPSUHJDGR� WDPEpP�R�H[HUFHULD�VREUH�R�HPSUHJDGRU��2XWUR�IXQGDPHQWR�HVWi�QR�PRQRSyOLR�GR� GLUHLWR� GH� SXQLU�� TXH� p� GR� (VWDGR� H� QmR� GRV� SDUWLFXODUHV��LQH[LVWLQGR�� SRUWDQWR�� XP� GLUHLWR� GLVFLSOLQDU� SULYDGR�� 6HJXQGR� HVVD�FRQFHSomR�� Vy� R� 3RGHU� 3~EOLFR� HVWi� LQYHVWLGR� GD� SUHUURJDWLYD� GH�SXQLU�DWUDYpV�GRV�VHXV�yUJmRV�

�� ,G��,ELG���S������� %$5526��������S������� ,G��,ELG���S������� 1$6&,0(172��������S�����

Page 27: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

(� ILQDOL]D� TXH� DV� WHRULDV� TXH� IXQGDPHQWDP� R� SRGHU� GLVFLSOLQDU� GR�HPSUHJDGRU� VmR� DV� PHVPDV� TXH� MXVWLILFDP� R� SRGHU� GH� GLUHomR�� D� WHRULD� GD�SURSULHGDGH�SULYDGD��D�WHRULD�FRQWUDWXDO�H�D WHRULD�LQVWLWXFLRQDO� VHQmR�YHMD�VH���

$� WHRULD� GD� SURSULHGDGH� SULYDGD �� 2� HPSUHJDGRU� PDQGD� SRUTXH� p�GRQR�� $� WHRULD� FRQWUDWXDOLVWD�� VHJXQGR� D� TXDO� R� SRGHU� GH� GLUHomR�HQFRQWUD�VXSRUWH�QR�FRQWUDWR�GH�WUDEDOKR��DMXVWH�GH�YRQWDGHV�QR�TXDO�R�HPSUHJDGR�HVSRQWDQHDPHQWH�VH�S}H�HP�SRVLomR�GH�VXERUGLQDomR��DFHLWDQGR� D� GLUHomR� GD� VXD� DWLYLGDGH� SHOR� HPSUHJDGRU�� (� D� WHRULD�LQVWLWXFLRQDOLVWD ��TXH��SRU�FRQFHEHU�D�HPSUHVD�FRPR�XPD�LQVWLWXLomR��GHIHQGH� R� GLUHLWR� GR� HPSUHJDGR� GH� H[HUFHU� D� DXWRULGDGH� H� R�*RYHUQR�� FRQGLo}HV� LQGLVSHQViYHLV� H� FDUDFWHUtVWLFDV� GH� WRGR� JUXSR�VRFLDO�LQVWLWXFLRQDOL]DGR�

2 DXWRU� DSRQWD�� DLQGD�� D� FKDPDGD� WHRULD GR� LQWHUHVVH�� DILUPDQGR�TXH�� ³R� SRGHU� GH� GLUHomR� UHVXOWD� GR LQWHUHVVH� GR� HPSUHJDGRU� HP� RUJDQL]DU��FRQWURODU�H�GLVFLSOLQDU�R� WUDEDOKR�TXH�UHPXQHUD��GHVWLQDGRV�DRV�ILQV�SURSRVWRV�SHOR�VHX�HPSUHHQGLPHQWR´�

4XDQWR�DRV� OLPLWHV�GR�SRGHU�GLUHWLYR�GR�HPSUHJDGRU��HVWH�GHYH�VHU�XWLOL]DGR�SHOR� UHSUHVHQWDQWH�SDWURQDO� FRP� UHVWULo}HV�DRV�GLVSRVLWLYRV�SUHVFULWRV�HP�OHL� H� DRV� SUHFHLWRV� pWLFRV� TXH� GHYHP� UHJHU� WRGDV� DV� UHODo}HV� KXPDQDV��SULQFLSDOPHQWH�R� UHVSHLWR�DRV�GLUHLWRV�GR�+RPHP�QR�H[HUFtFLR�GH�VHX� WUDEDOKR��GH�PRGR� D� TXH� D� PDQLIHVWDomR� GR� SRGHU� GLUHWLYR� GR� HPSUHJDGRU� GHYHUi� VHPSUH�DGHTXDU�VH�DR� OLPLWH� LQWUDQVSRQtYHO�GR� UHVSHLWR�j�GLJQLGDGH�GD�SHVVRD�KXPDQD�GR�WUDEDOKDGRU��

1HVVH� VHQWLGR�� R� QRVVR� RUGHQDPHQWR� MXUtGLFR� SURtEH� SHQDOLGDGHV�FRPR� QRV� FDVRV� GH�� UHEDL[DPHQWR�� D� FKDPDGD� ³OLVWD� QHJUD´�� VXSUHVVmR� GH�EHQHItFLRV�� UHGXomR� VDODULDO�� RX� TXDOTXHU� PDQLIHVWDomR� TXH� RFXOWH�� GH� IDWR�� D�YHUGDGHLUD�SXQLomR�

�� 1$6&,0(172��������S������� ,G��,ELG��S�����

Page 28: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

,UDQ\�)HUUDUL�� FRPHQWD�TXH�R� ³SRGHU�GLUHWLYR�GR�HPSUHJDGRU�QmR�p�DEVROXWR´�H�FLWD�(OLDQD�GRV�6DQWRV�$OYHV�1RJXHLUD��TXH�DILUPD�

$�VXERUGLQDomR�j�TXDO�HVWi�VXMHLWD�R�HPSUHJDGR�QmR�SRGH�WUDQVSRU�D�EDUUHLUD� GH� VXD� HVIHUD� GH� GLUHLWRV� SHVVRDLV�� DTXHOHV� GLUHLWRV� TXH� R�LGHQWLILFDP� HQTXDQWR� VHU� KXPDQR�� 2� WUDEDOKDGRU� VXMHLWD�VH� DR�HPSUHJDGRU� QR� TXH� GL]� UHVSHLWR� D� VXD� IRUoD� GH� WUDEDOKR�� 6XD�GLJQLGDGH�Ki�GH�VHU� FRQVLGHUDGD� LQWRFiYHO�� FRPR� LQWRFiYHLV� VmR�RV�VHQWLPHQWRV�TXH�FDGD�XP�QXWUH�SRU�VL�SUySULR��H�D�VXD�DXWR�DILUPDomR�DWUDYpV� GD� VHJXUDQoD� TXH� DGTXLUH� SRU�PHLR� GH� VXDV� DWLWXGHV�� GDV�TXDLV�ID]HP�SDUWH�jTXHODV�SUDWLFDGDV�GXUDQWH�DV�UHODo}HV�ODERUDLV�

&RQFOXLQGR��RV�SRGHUHV�GR�HPSUHJDGRU�HVEDUUDP�H�VmR�OLPLWDGRV�HP�VXD�DSOLFDomR�SHOR�SULQFtSLR�FRQVWLWXFLRQDO�GD�GLJQLGDGH�GD�SHVVRD�KXPDQD�H�SHORV�GLUHLWRV�GD�SHUVRQDOLGDGH�

$� GLJQLGDGH� GD� SHVVRD� KXPDQD� HQFRQWUD�VH� FRQVDJUDGD� QR� DUW�����,,,��GD�&RQVWLWXLomR�)HGHUDO��e�XP�GRV�SULQFtSLRV�FRUROiULR�GR�GLUHLWR��p� IXQGDPHQWR�FRQVWLWXFLRQDO�TXH�SURWHJH�j�PRUDO�� YDORUL]DQGR�D�FRQYLYrQFLD�VRFLDO�H�D�GLJQLGDGH�GD�SHVVRD�KXPDQD�

$VVLP�� WRGD� YH]� TXH� R� KRPHP� WUDWD� VHX� VHPHOKDQWH� FRP�GHVUHVSHLWR� DWLQJLGR� VXD� LQWHJULGDGH�� TXHU� VHMD�� ItVLFD�� PRUDO�� SVLFROyJLFD�RX� HP�TXDOTXHU� UHODomR� GH� WUDEDOKR� H� HPSUHJR�� HVWDUi� DJUHGLQGR� R� DUW����� ,,,� GD�&RQVWLWXLomR�)HGHUDO��RSRUWXQL]DQGR�D�SDUWH�VRIUHGRUD��DJUHGLGD��R�GLUHLWR�GH� WXWHOD�GR� (VWDGR�� SRU� PHLR GH� Do}HV� FRPSHWHQWHV�� (VSHFLILFDGDPHQWH�� QHVVH� WUDEDOKR��DERUGD�VH D� VLWXDomR� GD� DJUHVVmR� j� GLJQLGDGH� GR� WUDEDOKDGRU� SHOR� DVVpGLR�PRUDO�QDV�UHODo}HV�GH�HPSUHJR�

�� )(55$5,�� ,UDQ\�� 'DQR� PRUDO� P~OWLSORV� DVSHFWRV� QDV� UHODo}HV� GH� WUDEDOKR�� FRPHQWiULRV��UHIHUrQFLDV�OHJDLV��ELEOLRJUDILD�H�MXULVSUXGrQFLD� 6mR�3DXOR��/WU��������S�����

Page 29: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

� '26�',5(,726�'$�3(5621$/,'$'(�

2V�GLUHLWRV�GD�SHUVRQDOLGDGH�VH�FRQVWLWXHP�HP�GLUHLWRV�PtQLPRV�TXH�DVVHJXUDP�H� UHVJXDUGDP�D� GLJQLGDGH� GD� SHVVRD� KXPDQD� H� FRPR�WDLV� GHYHP� VHU�SUHYLVWRV�H�SURWHJLGRV�SHOR�RUGHQDPHQWR�MXUtGLFR�

$GULDQR� GH� &XSLV�� FRPHQWD� TXH� RV� GLUHLWRV� GD� SHUVRQDOLGDGH� VmR�DTXHOHV� LQHUHQWHV� H� HVVHQFLDLV� j� FRQGLomR� KXPDQD� H� GHILQH� RV� GLUHLWRV� GD�SHUVRQDOLGDGH�FRPR�

3RGHULDP� FKDPDU�VH� GLUHLWRV� GD� SHUVRQDOLGDGH�� 1R� HQWDQWR�� QD�OLQJXDJHP� MXUtGLFD� FRUUHQWH�� HVVD� GHVLJQDomR� p� UHVHUYDGD� jTXHOHV�GLUHLWRV� VXEMHWLYRV�� FXMD� IXQomR�� UHODWLYDPHQWH� j� SHUVRQDOLGDGH�� p�HVSHFLDO�� FRQVWLWXLQGR� R� µPLQLPXP¶� QHFHVViULR� H� LPSUHVFLQGtYHO� DR�VHX� FRQWH~GR�� 3RU� RXWUDV� SDODYUDV�� H[LVWHP� FHUWRV� GLUHLWRV� VHP� RV�TXDLV�D�SHUVRQDOLGDGH� UHVWDULD�XPD�VXVFHSWLELOLGDGH�FRPSOHWDPHQWH�LUUHDOL]DGD�� SULYDGD�GH� WRGR�R� YDORU� FRQFUHWR�� GLUHLWRV� VHP�RV�TXDLV�WRGRV�RV�RXWURV�GLUHLWRV�VXEMHWLYRV�SHUGHULDP�WRGR�R�LQWHUHVVH�SDUD�R�LQGLYtGXR�² R� TXH� HTXLYDOH� D� GL]HU� TXH�� VH� HOHV� QmR� H[LVWLVVHP�� D�SHVVRD�QmR�H[LVWLULD�FRPR�WDO�

3RU�GLUHLWRV�HVVHQFLDLV��$GULDQR�GH�&XSLV�� GHILQH�TXH�³VmR�DTXHOHV�TXH�WrP�SRU�REMHWR�RV�EHQV�PDLV�HOHYDGRV��XPD�YH]�TXH��HQWUH�WDLV�EHQV��H[LVWH�XP�TXH�SRU�VHX�WXUQR�VH�VREUHS}H�DRV�RXWURV��R�FRUUHODWLYR�GLUHLWR�WHP�QHFHVVDULDPHQWH�GH�UHFHEHU�XPD�QRWD�GLVWLQWLYD��WDO�TXH�SRGHUtDPRV�GHQRPLQi�OR��VH�LVVR�IRVVH�OtFLWR��GLUHLWR�µHVVHQFLDOtVVLPR¶´�

0DULD�+HOHQD�'LQL]����FLWDQGR�*RGRIUHGR�7HOOHV�-~QLRU� FRPHQWD�

$� SHUVRQDOLGDGH� FRQVLVWH� QR� FRQMXQWR� GH� FDUDFWHUHV� SUySULRV� GD�SHVVRD�� $� SHUVRQDOLGDGH� QmR� p� XP� GLUHLWR�� GH� PRGR� TXH� VHULD�HUU{QHR� DILUPDU� TXH� R� VHU� KXPDQR� WHP� GLUHLWR� j� SHUVRQDOLGDGH�� $�SHUVRQDOLGDGH�p�TXH�DSyLD�RV�GLUHLWRV�H�GHYHUHV�TXH�GHOD�LUUDGLDP��p�

�� '(� &83,6�� $GULDQR�� 2V� GLUHLWRV� GD� SHUVRQDOLGDGH�� 7UDG�� $IRQVR� &HOVR� )XUWDGR� 5H]HQGH��&DPSLQDV��5RPDQD��������S����

�� ,G��,ELG���S������ ',1,=��0DULD� +HOHQD��&XUVR� GH� GLUHLWR� FLYLO� %UDVLOHLUR�� WHRULD� JHUDO� GR� GLUHLWR� FLYLO�� ���HG�� 6mR�3DXOR��6DUDLYD��������S�����

Page 30: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

R� REMHWR� GH� GLUHLWR�� p� R� SULPHLUR� EHP� GD� SHVVRD�� TXH� OKH� SHUWHQFH�FRPR� SULPHLUD� XWLOLGDGH�� SDUD� TXH� HOD� SRVVD� VHU� R� TXH� p�� SDUD�VREUHYLYHU� H� VH� DGDSWDU� jV� FRQGLo}HV� GR� DPELHQWH� HP� TXH� VH�HQFRQWUD��VHUYLQGR�OKH�GH�FULWpULR�SDUD�DIHULU��DGTXLULU�H�RUGHQDU�RXWURV�EHQV�

3DUD� &DUORV� $OEHUWR� %LWWDU���� GLUHLWRV� GD� SHUVRQDOLGDGH� VmR� ³RV�GLUHLWRV�UHFRQKHFLGRV�j�SHVVRD�KXPDQD�WRPDGD�HP�VL�PHVPD�H�HP�VXDV�SURMHo}HV�QD� VRFLHGDGH�� SUHYLVWRV� QR� RUGHQDPHQWR� MXUtGLFR� H[DWDPHQWH� SDUD� D� GHIHVD� GH�YDORUHV� LQDWRV� QR� KRPHP�� FRPR� D� YLGD�� D� KLJLGH] ItVLFD�� D� LQWLPLGDGH�� D� KRQUD�� D�LQWHOHFWXDOLGDGH�H�RXWURV�WDQWRV´�

3DUD�2UODQGR�*RPHV����RV�GLUHLWRV�GD�SHUVRQDOLGDGH�VmR�

'LUHLWRV� HVVHQFLDLV� DR� GHVHQYROYLPHQWR� GD� SHVVRD� KXPDQD�� TXH� D�GRXWULQD�PRGHUQD� SUHFRQL]D� H� GLVFLSOLQD�� QR� FRUSR� GR�&yGLJR�&LYLO��FRPR� GLUHLWRV� DEVROXWRV�� 'HVWLQDP�VH� D� UHVJXDUGDU� D� HPLQHQWH�GLJQLGDGH� GD� SHVVRD� KXPDQD�� SUHVHUYDQGR�D� GRV� DWHQWDGRV� TXH�SRGH�VRIUHU�SRU�SDUWH�GH�RXWURV�LQGLYtGXRV��2X��SRU�ILP��FRPR�GHILQH�)UDQFLVFR�$PDUDO�� µGLUHLWRV� GD� SHUVRQDOLGDGH� VmR� GLUHLWRV� VXEMHWLYRV�TXH�WrP�SRU�REMHWR�RV�EHQV�H�YDORUHV�HVVHQFLDLV�GD�SHVVRD��QR�VHX�DVSHFWR�ItVLFR��PRUDO�H�LQWHOHFWXDO¶�

3DUD� &DUORV� $OEHUWR� GD� 0RWD� 3LQWR��� RV� GLUHLWRV� GD� SHUVRQDOLGDGHFRQILJXUDP� ³XP� FRQWH~GR� PtQLPR� H� LPSUHVFLQGtYHO� GD� HVIHUD� MXUtGLFD� GH� FDGD�SHVVRD´��LQFLGHQWHV�VREUH�D�VXD�YLGD��VD~GH�H� LQWHJULGDGH� ItVLFD��KRQUD�� OLEHUGDGHV�ItVLFD�H�SVLFROyJLFD��QRPH��LPDJHP�H�UHVHUYD�VREUH�D�LQWLPLGDGH�GH�VXD�YLGD�SULYDGD�

��� &$5$&7(5Ë67,&$6�(�&/$66,),&$d­2�35('20,1$17(6�'26�',5(,726�'$�3(5621$/,'$'(

2� &yGLJR� &LYLO� %UDVLOHLUR� GHVWLQRX� XP� FDStWXOR� DRV� 'LUHLWRV� GD�3HUVRQDOLGDGH�H�HP�VHX�DUW����GLVS{V� ³FRP�H[FHomR�GRV�FDVRV�SUHYLVWRV�HP�OHL��RV��� %,77$5��&DUORV�$OEHUWR��2V�GLUHLWRV�GD�SHUVRQDOLGDGH����HG��5LR�GH�-DQHLUR��)RUHQVH�8QLYHUVLWiULD�������

�� *20(6��2UODQGR��,QWURGXomR�DR�'LUHLWR�&LYLO�����HG��5LR�GH�-DQHLUR��)RUHQVH��������S������� 3,172��&DUORV $OEHUWR GD 0RWD��7HRULD�JHUDO�GR�GLUHLWR�FLYLO��&RLPEUD��&RLPEUD�(GLWRUD��������S�����

Page 31: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

GLUHLWRV�GD�SHUVRQDOLGDGH�VmR�LQWUDQVPLVVtYHLV�H� LUUHQXQFLiYHLV��QmR�SRGHQGR�R�VHX�H[HUFtFLR�VRIUHU� OLPLWDomR�YROXQWiULD´��(VWDEHOHFHX�DTXL��DV�SULQFLSDLV�FDUDFWHUtVWLFDV�GRV�'LUHLWRV�GD�3HUVRQDOLGDGH�

(VVDV�FDUDFWHUtVWLFDV�HVVHQFLDLV�GRV�GLUHLWRV�GD�SHUVRQDOLGDGH�YLVDP�SURWHJHU� H� DVVHJXUDU� D� GLJQLGDGH� GD� SHVVRD� KXPDQD� FRPR� YDORU� IXQGDPHQWDO��&RQVWLWXHP��VHJXQGR�%LWWDU����³GLUHLWRV LQDWRV �RULJLQiULRV���DEVROXWRV��H[WUDSDWULPRQLDLV��LQWUDQVPLVVtYHLV�� LPSUHVFULWtYHLV�� LPSHQKRUiYHLV�� YLWDOtFLRV�� QHFHVViULRV� H� RSRQtYHLV�HUJD�RPQHV´�

(OLPDU�6]DQLDZVNL�� FRPHQWD�TXH�

2� GLUHLWR� JHUDO� GD� SHUVRQDOLGDGH� UHVVXUJLX� H� VH� DILUPRX� QR� GLUHLWR�DOHPmR�D�SDUWLU�GD�/HL�)XQGDPHQWDO�GH�%RQQ��RX�*UXQG�*HVHW] TXH��HP�VHX�DUW���� GHFODUD�VHU�LQWDQJtYHO�D�GLJQLGDGH�GR�KRPHQ�H�HP�VHX�DUW���� UHFRQKHFH� R� OLYUH� GHVGREUDPHQWR� GD� SHUVRQDOLGDGH�� $�GLJQLGDGH� GR� KRPHQ� H� R� GLUHLWR� DR� OLYUH� GHVGREUDPHQWR� GH� VXD�SHUVRQDOLGDGH� VmR�� SRUWDQWR�� HOHPHQWRV� LQWHJUDQWHV� GR� GLUHLWR� JHUDO�GH� SHUVRQDOLGDGH� TXH�� DWUDYpV� GD� RUGHP� MXUtGLFD�� VmR� JDUDQWLGRV�FRPR�XP�GLUHLWR�VXEMHWLYR�D�UHVSHLWR�GH�WRGDV�DV�SHVVRDV�

-DEXU�� FRPHQWD�TXH� ³WDLV�TXDOLGDGHV�H�FDUDFWHUHV�SDVVDP��SRLV��D�LQGLFDU�� TXDQGR� SUHVHQWHV� LQWHJUDOPHQWH�� XPD� PDQLIHVWDomR� SVLFRItVLFD� GR� VHU�KXPDQR� LQGLVSHQViYHO� SDUD� R� SOHQR� GHVHQYROYLPHQWR� GH� VXD� SHUVRQDOLGDGH´�(� R�DXWRU� DILUPD� TXH� RV� GLUHLWRV� SHUVRQDOtVVLPRV� VmR�� ³LQDWR�� HVVHQFLDLV� H� YLWDOtFLRV��H[WUDSDWULPRQLDLV�� UHODWLYDPHQWH� LQGLVSRQtYHLV�� LUUHQXQFLiYHLV�� LQWUDQVIHUtYHLV� H�LQDOLHQiYHLV�� LQH[HFXWiYHLV�� LPSHQKRUiYHLV� H� LQH[SURSULiYHLV�� LPSUHVFULWtYHLV�� H�RSRQtYHLV�HUJD�RPQHV´�

3DXOR� (GXDUGR� 9�� 2OLYHLUD�� OLVWD� YiULDV� TXDOLGDGHV� GR� 'LUHLWR� GD�3HUVRQDOLGDGH��TXH�HP�VXD�RSLQLmR VH�LQWHUSHQHWUDP��VmR�HODV�

�� %,77$5��������S������ 6=$1,$:6.,��(OLPDU��'LUHLWRV�GD�SHUVRQDOLGDGH�H� VXD� WXWHOD� 6mR�3DXOR��(GLWRUD�5HYLVWD� GRV�7ULEXQDLV��������S�����

�� -$%85�� *LOEHUWR� +DGGDG�� /LEHUGDGH� GH� SHQVDPHQWR� H� GLUHLWR� j� YLGD� SULYDGD �� FRQIOLWRV� HQWUH�GLUHLWRV�GD�SHUVRQDOLGDGH� 6mR�3DXOR��(GLWRUD�5HYLVWD�GRV�7ULEXQDLV��������S�����

�� 2/,9(,5$��3DXOR�(GXDUGR�9��2�GDQR�SHVVRDO�QR�GLUHLWR�GR�WUDEDOKR��6mR�3DXOR��OWU��������S��������

Page 32: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

���,QWUDQVPLVVLELOLGDGH��R�RUGHQDPHQWR�MXUtGLFR�QmR�SRGH�SHUPLWLU�TXH�R�LQGLYtGXR�VHMD�HVSROLDGR�GDTXHOHV�GLUHLWRV�TXH��SRU�FRUUHVSRQGHUHP�DRV� EHQV� PDLV� HOHYDGRV�� WrP� XP� FDUiWHU� GH� HVVHQFLDOLGDGH� GD�SHVVRD�� ��� ,QGLVSRQLELOLGDGH�� p� DVVHJXUDGR� D� SURHPLQrQFLD� SHVVRDO�GRV�GLUHLWRV�GD�SHUVRQDOLGDGH��JDUDQWLQGR�VXD�LQHUrQFLD�j�SHVVRD�����,UUHQXQFLDELOLGDGH�� RV� GLUHLWRV� GD� SHUVRQDOLGDGH� VmR� LUUHQXQFLiYHLV�WDQWR�TXDQWR�LQWUDQVPLVVtYHLV��HP�YLUWXGH�GH�VXD�µHVVHQFLDOLGDGH¶�����9LWDOLFLHGDGH�RX�SHUHQLGDGH��HVWHV�GLUHLWRV�UHIHUHP�VH�DR�VXMHLWR�SHOD�VXD� TXDOLGDGH� GH� SHVVRD�� DGTXLUHP�VH� FRP� R� QDVFLPHQWR� H�FRQWLQXDP�D�H[LVWLU�GXUDQWH�WRGD�D�YLGD��SRGHQGR��WRGDYLD��VREUHYLYHU�DR� WLWXODU�� R� GLUHLWR� j� LPDJHP� LPSOLFD� UHVSHLWR� j� PHPyULD�� ���,QH[SURSULDELOLGDGH�� RV� GLUHLWRV� GD� SHUVRQDOLGDGH� QmR� SRGHP� VHU�REMHWR�GH�H[SURSULDomR�IRUoDGD��SRUTXH��GDGD�D�QDWXUH]D�GR�SUySULR�REMHWR��HOHV�QmR�SRGHP�PXGDU�GH�VXMHLWR��QHP�SRU�YRQWDGH�GR�WLWXODU��QHP�SRU� TXDOTXHU� RXWUD� FDXVD�� ��� ,PSUHVFULWLELOLGDGH�� XPD� HYHQWXDO�µLQpUFLD¶�GR�WLWXODU�GH�XP�GLUHLWR�SHVVRDO��DLQGD�TXH�PDUFDGD�SRU�ORQJR�ODSVR� GH� WHPSR�� QmR� WHP� R� FRQGmR� GH� SULYDU� R� WLWXODU� GH� VXD�H[LJLELOLGDGH�� ��� ,PSRVVLELOLGDGH� GH� VXE�URJDomR�� p� LPSRVVtYHO� XPD�VXE�URJDomR� SHVVRDO�� SRUTXH� HVWD� LPSOLFD� D� VXEVWLWXLomR� GH� XPD�SHVVRD� SRU� RXWUD�� ��� ([WUDSDWULPRQLDOLGDGH�� RV� GLUHLWRV� GD�SHUVRQDOLGDGH�SUHQGHP�VH�DR�FKDPDGR�KHPLVIpULR�SHVVRDO��GL]HQGR�GLUHWDPHQWH�UHVSHLWR�j�FDWHJRULD�GR�VHU�H�QmR�WHU�GD�SHVVRD�

4XDQWR� j� FODVVLILFDomR� GRV� GLUHLWRV� GD� SHUVRQDOLGDGH��p� YDVWD� D�UHODomR�DSUHVHQWDGD�SHOD�GRXWULQD�

$�HQXPHUDomR�H�D�FODVVLILFDomR�GH�/LPRQJL�)UDQoD�p�XPD�GDV�PDLV�FRPSOHWDV�� -DEXU�� DSUHVHQWRX� D� FODVVLILFDomR� GRV� GLUHLWRV� SHUVRQDOtVVLPRV��HODERUDGD�SRU�5XEHQV�/LPRQJL�)UDQoD��D�VDEHU�

���'LUHLWR�j�LQWHJULGDGH� ItVLFD������'LUHLWR�j�9LGD��������j�FRQFHSomR�H�j� GHVFHQGrQFLD�� ������ DR�QDVFLPHQWR�� ������ DR� OHLWH�PDWHUQR�� ������DR� SODQHMDPHQWR�� ������ GLUHLWR� j� SURWHomR� GR� PHQRU�� ������ j�DOLPHQWDomR��������j�KDELWDomR��������j�HGXFDomR��������DR�WUDEDOKR���������DR�WUDQVSRUWH�DGHTXDGR���������j�VHJXUDQoD�ItVLFD���������DR�DVSHFWR� ItVLFR� GD� HVWpWLFD� KXPDQD�� ������� j� SURWHomR� PpGLFD� H�KRVSLWDODU�� ������� DR�PHLR� DPELHQWH� HFROyJLFR�� ������� DR� VRVVHJR��������� DR� OD]HU�� ������� DR� GHVHQYROYLPHQWR� YRFDFLRQDO� SURILVVLRQDO��������� DR� GHVHQYROYLPHQWR� YRFDFLRQDO� DUWtVWLFR�� ������� GLUHLWR� j�OLEHUGDGH�ItVLFD���������DR�SURORQJDPHQWR�DUWLILFLDO�GD�YLGD����������j�UHDQLPDomR�� ����� ��� GLUHLWR� j� YHOKLFH� GLJQD�� ������� UHODWLYRV� DR�SUREOHPD� GD� HXWDQiVLD�� ���� 'LUHLWR� DR� &RUSR� 9LYR�� ������ DRHVSHUPDWR]yLGH� H� DR� yYXOR�� ������ DR� XVR� GR� ~WHUR� SDUD� SURFULDomR�DOKHLD��������DR�H[DPH�PpGLFR��������GLUHLWR�j�WUDQVIXVmR�GH�VDQJXH��������j�DOLHQDomR�GH�VDQJXH��������DR� WUDQVSODQWH�������� UHODWLYRV�j�H[SHULrQFLD� FLHQWtILFD�� ������ DR� WUDQVH[XDOLVPR�� ������ UHODWLYRV� j�PXGDQoD� DUWLILFLDO� GR� VH[R�� ������� DR� GpELWR� FRQMXJDO�� ������� j�OLEHUGDGH� ItVLFD�� ������� DR� µSDVVH¶� HVSRUWLYR�� ���� 'LUHLWR� DR� &RUSR��� -$%85��������S���������

Page 33: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

0RUWR�� ������ DR� VHSXOFUR�� ������ j� FUHPDomR�� ������ j� XWLOL]DomR�FLHQWtILFD�� ������ UHODWLYRV� DR� WUDQVSODQWH�� ������ DR� FXOWR� UHOLJLRVR�� ���'LUHLWR�j�,QWHJULGDGH�,QWHOHFWXDO ������j�OLEHUGDGH�GH�SHQVDPHQWR������GH� $XWRU�� ���� GH� ,QYHQWRU�� ���� GH� (VSRUWLVWD�� ���� GH� HVSRUWLVWD�SDUWLFLSDQWH�GH�HVSHWiFXOR�S~EOLFR�����'LUHLWR�j�,QWHJULGDGH�0RUDO� ����j� OLEHUGDGH�&LYLO��3ROtWLFD�H�5HOLJLRVD������j�6HJXUDQoD�0RUDO������j�+RQUD�� ���� j�+RQRULILFrQFLD�� ���� DR�5HFDWR�� ���� j� ,QWLPLGDGH�� ���� j�,PDJHP������DR�$VSHFWR�0RUDO�GD�(VWpWLFD�+XPDQD������DR�6HJUHGR�3HVVRDO�� 'RPpVWLFR�� 3URILVVLRQDO�� 3ROtWLFR� H� 5HOLJLRVR�� ����� j�,GHQWLGDGH� 3HVVRDO�� )DPLOLDU� H� 6RFLDO� �SURILVVLRQDO�� SROtWLFD� H�UHOLJLRVD��� ����� j� ,GHQWLGDGH�6H[XDO�� �����DR�1RPH�� �����DR�7tWXOR�������DR�3VHXG{QLPR�������j�$OFXQKD��

(� R� DXWRU�� DSUHVHQWRX� D� FODVVLILFDomR� DSRQWDGD� SRU� $GULDQR� GH�&XSLV� TXH�IRUPXORX�FLQFR�JUXSRV��GRV�TXDLV�TXDWUR�DSUHVHQWDUDP�VH�IUDFLRQDGRV�

��� 'LUHLWR� j� YLGD� H� j� LQWHJULGDGH� ItVLFD� �GLUHLWR� j� YLGD�� GLUHLWR� j�LQWHJULGDGH�ItVLFD��GLUHLWR�VREUH�DV�SDUWHV�VHSDUDGDV�GR�FRUSR�H�VREUH�R�FDGiYHU������'LUHLWR�j� OLEHUGDGH�����'LUHLWR�j�KRQUD�H�DR�UHVJXDUGR�SHVVRDO��GLUHLWR�j�KRQUD��GLUHLWR�DR�UHVJXDUGR�H�GLUHLWR�DR�VHJUHGR������'LUHLWR� j� LGHQWLGDGH� SHVVRDO� �GLUHLWR� DR� QRPH�� VREUHQRPH��SVHXG{QLPR� H� QRPHV� H[WUDSHVVRDLV�� GLUHLWR� DR� WtWXOR� H� GLUHLWR� DR�VLJQR�ILJXUDWLYR���H����'LUHLWR�PRUDO�GH�DXWRU�

2V� GLUHLWRV� GD�SHUVRQDOLGDGH� VHJXQGR� $OLFH�0RQWHLUR� GH� %DUURV����VmR�FODVVLILFDGRV�

&RPR�GLUHLWR�j� LQWHJULGDGH� ItVLFD �GLUHLWR�j�YLGD��j�KLJLGH]�FRUSyUHD��jV�SDUWHV�GR�FRUSR��DR�FDGiYHU��HWF����j�LQWHJULGDGH�LQWHOHFWXDO �GLUHLWR�j�OLEHUGDGH�GH�SHQVDPHQWR��DXWRULD�DUWtVWLFD�H�FLHQWtILFD�H�LQYHQomR��H�j� LQWHJULGDGH� PRUDO �GLUHLWR� j� LPDJHP�� DR� VHJUHGR�� j� ERD� IDPD��GLUHLWR�j�KRQUD��GLUHLWR�j� LQWLPLGDGH��j�SULYDFLGDGH��j� OLEHUGDGH�FLYLO��SROtWLFD� H� UHOLJLRVD�� HWF���� HVVHV� GLUHLWRV� VmR� RSRQtYHLV� FRQWUD� R�HPSUHJDGRU�

(OLPDU� 6]DQLDZVNL�� GLYLGH� RV� GLUHLWRV� GD� SHUVRQDOLGDGH� HP� GRLV�JUDQGHV� JUXSRV� GH� DFRUGR� FRP� R� UDPR� GR� GLUHLWR�� HP� GLUHLWRV� GD�SHUVRQDOLGDGH�S~EOLFRV H�GLUHLWRV�GD�SHUVRQDOLGDGH�SULYDGRV� &LWD�R�DXWRU��

�� -$%85��������S������� %$5526��������S������� 6=$1,$:6.,��������S�������

Page 34: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

2V� GLUHLWRV� GD� SHUVRQDOLGDGH� S~EOLFRV VHULDP� DTXHOHV� GLUHLWRV�LQHUHQWHV� j� SHVVRD� KXPDQD� SUHYLVWRV� H� WXWHODGRV� SHOD� 'HFODUDomR�8QLYHUVDO� GRV� 'LUHLWRV� GR� &LGDGmR�� 6HJXQGR� RV� SDUWLGiULRV� GHVVD�WHVH�� WHULDP� RV� GLUHLWRV� S~EOLFRV� GH� SHUVRQDOLGDGH� SRU� HVFRSR� D�GHIHVD�GR�LQGLYtGXR�GRV�DWHQWDGRV�SUDWLFDGRV�SHOR�SUySULR�(VWDGR RX��DLQGD��REMHWLYDP�D�GHIHVD�GD�VRFLHGDGH�FRQVLGHUDGD�FRPR�XP�WRGR�GDV� DJUHVV}HV� SUDWLFDGDV� SRU� FHUWRV� SDUWLFXODUHV�� 2V� GLUHLWRV� GD�SHUVRQDOLGDGH� SULYDGRV DEUDQJHP� RV� GLUHLWRV� LQHUHQWHV� j� SHVVRD�KXPDQD�TXH�GL]HP�UHVSHLWR�DRV�DVSHFWRV�SULYDGRV�GD�SHUVRQDOLGDGH��6HULDP� RV� PHVPRV� GLUHLWRV� GD� SHUVRQDOLGDGH� S~EOLFRV�� SRUpP��WUDWDGRV� VRE� R� kQJXOR� GR� GLUHLWR� SULYDGR�� QDV� UHODo}HV� SDUWLFXODUHV�HQWUH�VL��YLVDQGR�D�SURWHomR�GR�LQGLYLGXR�IUHQWH�jV�DJUHVV}HV�GH�RXWUR�SDUWLFXODU�

(� FRQFOXL���� ³VRPRV�� SRUWDQWR�� WDPEpP�GHIHQVRUHV� GR� VXSHUDPHQWR�GD�GLVWLQomR�GR�GLUHLWR�HP�GLUHLWR�S~EOLFR�H�SULYDGR��VRPHQWH�DFHLWDQGR�HVVD�GLYLVmR�SDUD�ILQV�GLGiWLFRV��3RU�LVVR��VXVWHQWDPRV��RV�GLUHLWRV�GH�SHUVRQDOLGDGH�QmR�VmR�QHP�S~EOLFRV�QHP�SULYDGRV��6mR�VLPSOHVPHQWH�GLUHLWR�GH�SHUVRQDOLGDGH´�

3RGH�VH�GHILQLU�GLUHLWRV�GD�SHUVRQDOLGDGH��FRPR�DTXHOHV�LQHUHQWHV�j�SUySULD� SHVVRD�� VmR� FDUDFWHUHV� SUySULRV� GR� LQGLYtGXR�� IUXWRV� GH� VXD� SUySULD�H[LVWrQFLD�� FRPR�R�GLUHLWR�j� YLGD��j� OLEHUGDGH�� LQWHJULGDGH� ItVLFD��j�KRQUD�� LPDJHP��LQWLPLGDGH��HQILP��VmR�GLUHLWRV�FRQVWLWXFLRQDOPHQWH�SURWHJLGRV��TXH�PHUHFHP�D�WXWHOD�GR�(VWDGR�

��� '2�',5(,72�¬�9,'$�(�¬�',*1,'$'(�12�9,9(5

2�'LUHLWR�j�YLGD�HVWi�DVVHJXUDGR�SHOD�&RQVWLWXLomR�)HGHUDO��QR�WtWXOR�'RV�'LUHLWRV� H�*DUDQWLDV� )XQGDPHQWDLV�� FRPR� R�PDLV� IXQGDPHQWDOGRV� GLUHLWRV�� p�LQYLROiYHO�H�LUUHQXQFLiYHO��GHQWUH�RXWUDV�FDUDFWHUtVWLFDV�LPSRUWDQWHV��XPD�YH]�TXH��p�GHOH�TXH�GHULYDP�WRGRV�RV�GHPDLV�GLUHLWRV�LQHUHQWHV�j�SHVVRD��

$� 'HFODUDomR� 8QLYHUVDO� GRV� 'LUHLWRV� +XPDQRV�� GD� PHVPD� IRUPD�SURWHJH� R� GLUHLWR� j� YLGD�� TXDQGR� HP� VHX� SUHkPEXOR� GHFODUD�R� UHFRQKHFLPHQWR� GD�GLJQLGDGH�LQHUHQWH�D�WRGRV�RV�PHPEURV�GD�IDPtOLD�KXPDQD��YHMD�VH��

�� 6=$1,$:6.,��������S�������

Page 35: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

&RQVLGHUDQGR�TXH�R� UHFRQKHFLPHQWR�GD�GLJQLGDGH� LQHUHQWH�D� WRGRV�RV� PHPEURV� GD� IDPtOLD� KXPDQD� H� GRV� VHXV� GLUHLWRV� LJXDLV� H�LQDOLHQiYHLV�FRQVWLWXL�R�IXQGDPHQWR�GD�OLEHUGDGH��GD�MXVWLoD�H�GD�SD]�QR�PXQGR��&RQVLGHUDQGR�TXH�R�GHVFRQKHFLPHQWR�H�R�GHVSUH]R�GRV�GLUHLWRV�GR�+RPHQ�FRQGX]LUDP�D�DFWRV�GH�EDUEiULH�TXH�UHYROWDP�D�FRQVFLrQFLD�GD� +XPDQLGDGH� H� TXH� R� DGYHQWR� GH� XP�PXQGR� HP� TXH� RV� VHUHV�KXPDQRV VHMDP� OLYUHV� GH� IDODU� H� GH� FUHU�� OLEHUWRV� GR� WHUURU� H� GD�PLVpULD��IRL�SURFODPDGR�FRPR�D�PDLV�DOWD�LQVSLUDomR�GR�+RPHP��&RQVLGHUDQGR� TXH� p� HVVHQFLDO� D� SURWHomR� GRV� GLUHLWRV� GR� +RPHP�DWUDYpV� GH� XP� UHJLPH� GH� GLUHLWR�� SDUD� TXH� R� +RPHP� QmR� VHMD�FRPSHOLGR�� HP� VXSUHPR� UHFXUVR�� j� UHYROWD� FRQWUD� D� WLUDQLD� H� D�RSUHVVmR��&RQVLGHUDQGR� TXH� p� HVVHQFLDO� HQFRUDMDU� R� GHVHQYROYLPHQWR� GH�UHODo}HV�DPLVWRVDV�HQWUH�DV�QDo}HV��&RQVLGHUDQGR� TXH�� QD� &DUWD�� RV� SRYRV� GDV� 1Do}HV� 8QLGDV�SURFODPDP��GH�QRYR��D�VXD�Ip�QRV�GLUHLWRV�IXQGDPHQWDLV�GR�+RPHP��QD�GLJQLGDGH�H�QR�YDORU�GD�SHVVRD�KXPDQD��QD�LJXDOGDGH�GH�GLUHLWRV�GRV�KRPHQV�H�GDV�PXOKHUHV�H�VH�GHFODUDP�UHVROYLGRV�D�IDYRUHFHU�R�SURJUHVVR�VRFLDO�H�D�LQVWDXUDU�PHOKRUHV�FRQGLo}HV�GH�YLGD�GHQWUR�GH�XPD�OLEHUGDGH�PDLV�DPSOD��&RQVLGHUDQGR� TXH� RV� (VWDGRV� PHPEURV� VH� FRPSURPHWHUDP� D�SURPRYHU��HP�FRRSHUDomR�FRP�D�2UJDQL]DomR�GDV�1Do}HV�8QLGDV��R�UHVSHLWR�XQLYHUVDO�H�HIHFWLYR�GRV�GLUHLWRV�GR�+RPHP�H�GDV�OLEHUGDGHV�IXQGDPHQWDLV��&RQVLGHUDQGR� TXH� XPD� FRQFHSomR� FRPXP� GHVWHV� GLUHLWRV� H�OLEHUGDGHV�p�GD�PDLV�DOWD�LPSRUWkQFLD�SDUD�GDU�SOHQD�VDWLVIDomR�D�WDO�FRPSURPLVVR��$�$VVHPEOpLD�*HUDO�SURFODPD�D�SUHVHQWH�'HFODUDomR�8QLYHUVDO�GRV�'LUHLWRV�+XPDQRV�FRPR�LGHDO�FRPXP�D�DWLQJLU�SRU�WRGRV�RV�SRYRV�H�WRGDV�DV�QDo}HV��D�ILP�GH�TXH�WRGRV�RV�LQGLYtGXRV�H WRGRV�RV�yUJmRV�GD�VRFLHGDGH��WHQGR�D�FRQVWDQWHPHQWH�QR�HVStULWR��VH�HVIRUFHP��SHOR�HQVLQR�H�SHOD�HGXFDomR��SRU�GHVHQYROYHU�R�UHVSHLWR�GHVVHV�GLUHLWRV�H�OLEHUGDGHV� H� SRU� SURPRYHU�� SRU� PHGLGDV� SURJUHVVLYDV� GH� RUGHP�QDFLRQDO� H� LQWHUQDFLRQDO�� R� VHX� UHFRQKHFLPHQWR� H� D� VXD� DSOLFDomR�XQLYHUVDLV� H� HIHFWLYRV� WDQWR� HQWUH� DV� SRSXODo}HV� GRV� SUySULRV�(VWDGRV�PHPEURV�FRPR�HQWUH�DV�GRV�WHUULWyULRV�FRORFDGRV�VRE�D�VXD�MXULVGLomR��

2V� DUWLJRV� ���� ���� ���� H� ���� GD� 'HFODUDomR� 8QLYHUVDO� GRV� 'LUHLWRV�+XPDQRV��WDPEpP�SURWHJHPR�GLUHLWR�j�YLGD��FLWD�VH�

$UW���� 7RGR� LQGLYtGXR� WHP�GLUHLWR�j�YLGD��j� OLEHUGDGH�H�j�VHJXUDQoD�SHVVRDO��$UW���� 1LQJXpP� VHUi� VXEPHWLGR� j� WRUWXUD� QHP� D� SHQDV� RX�WUDWDPHQWRV�FUXpLV��GHVXPDQRV�RX�GHJUDGDQWHV��$UW����� 1LQJXpP�VRIUHUi�LQWURPLVV}HV�DUELWUiULDV�QD�VXD�YLGD�SULYDGD��QD� VXD� IDPtOLD�� QR� VHX� GRPLFtOLR� RX� QD� VXD� FRUUHVSRQGrQFLD�� QHP�DWDTXHV� j� VXD� KRQUD� H� UHSXWDomR�� &RQWUD� WDLV� LQWURPLVV}HV� RX�DWDTXHV�WRGD�D�SHVVRD�WHP�GLUHLWR�D�SURWHomR�GD�OHL��

Page 36: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

$UW����� ���2�LQGLYtGXR�WHP�GHYHUHV�SDUD�FRP�D�FRPXQLGDGH��IRUD�GD�TXDO� QmR� p� SRVVtYHO� R� OLYUH� H� SOHQR� GHVHQYROYLPHQWR� GD� VXD�SHUVRQDOLGDGH�� ��� 1R� H[HUFtFLR� GHVWH� GLUHLWR� H� QR� JR]R� GHVWDV�OLEHUGDGHV� QLQJXpP� HVWi� VXMHLWR� VHQmR� jV� OLPLWDo}HV� HVWDEHOHFLGDV�SHOD�OHL�FRP�YLVWD�H[FOXVLYDPHQWH�D�SURPRYHU�R�UHFRQKHFLPHQWR�H�R�UHVSHLWR�GRV�GLUHLWRV�H�OLEHUGDGHV�GRV�RXWURV�H�D�ILP�GH�VDWLVID]HU�DV�MXVWDV�H[LJrQFLDV�GD�PRUDO��GD�RUGHP�S~EOLFD�H�GR�EHP�HVWDU�QXPD�VRFLHGDGH�GHPRFUiWLFD�����(P�FDVR�DOJXP�HVWHV�GLUHLWRV�H�OLEHUGDGHV�SRGHUmR�VHU�H[HUFLGRV�FRQWUDULDPHQWH�H�DRV�ILQV�H�DRV�SULQFtSLRV�GDV�1Do}HV�8QLGDV�

(� DLQGD� R� &yGLJR� 3HQDO� %UDVLOHLUR� SUHYr� SXQLo}HV� jTXHOHV� TXH�DWHQWDUHP�FRQWUD�D�YLGD��DVVLP��D�GHVWUXLomR�GD�YLGD�KXPDQD�p�SDVVtYHO�GH�VDQomR�SHQDO�

2�DUWLJR����GD�&RQVWLWXLomR�)HGHUDO�GLVS}H��³WRGRV�VmR�LJXDLV�SHUDQWH�D� OHL�� VHP� GLVWLQomR� GH� TXDOTXHU� QDWXUH]D�� JDUDQWLQGR�VH� DRV� EUDVLOHLURV� H� DRV�HVWUDQJHLURV� UHVLGHQWHV� QR� 3DtV� D� LQYLRODELOLGDGH� GR� GLUHLWR� j� YLGD�� j� OLEHUGDGH�� j�LJXDOGDGH��j�VHJXUDQoD�H�j�SURSULHGDGH´�

(�DLQGD��HP�VHX�DUW�����

e�GHYHU�GD�IDPtOLD��GD�VRFLHGDGH�H�GR�(VWDGR�DVVHJXUDU�j�FULDQoD�H�DR�DGROHVFHQWH��FRP�DEVROXWD�SULRULGDGH��R�GLUHLWR�j�YLGD��j�VD~GH��j�DOLPHQWDomR��j�HGXFDomR��DR�OD]HU��j�SURILVVLRQDOL]DomR��j�FXOWXUD��j�GLJQLGDGH�� DR� UHVSHLWR�� j� OLEHUGDGH� H� j� FRQYLYrQFLD� IDPLOLDU� H�FRPXQLWiULD�� DOpP� GH� FRORFi�ORV� D� VDOYR� GH� WRGD� IRUPD� GH�QHJOLJrQFLD�� GLVFULPLQDomR�� H[SORUDomR�� YLROrQFLD�� FUXHOGDGH� H�RSUHVVmR�

2�(VWDWXWR�GD�&ULDQoD�H�GR�$GROHVFHQWH��FRPR�GLVS}H�VHXV�DUWLJRV���� H� ���� YLVD� j� SURWHomR� LQWHJUDO� GD� FULDQoD� H� GR� DGROHVFHQWH� FRQVLGHUDQGR�VH�FULDQoD��SDUD�WDO�ILQDOLGDGH��D�SHVVRD�DWp�GR]H�DQRV�GH�LGDGH�LQFRPSOHWRV�

$UW���� (VWD� /HL� GLVS}H� VREUH� D� SURWHomR� LQWHJUDO� j� FULDQoD� H� DR�DGROHVFHQWH��$UW���� &RQVLGHUD�VH�FULDQoD��SDUD�RV�HIHLWRV�GHVWD�/HL��D�SHVVRD�DWp�GR]H�DQRV�GH�LGDGH�LQFRPSOHWRV��H�DGROHVFHQWH�DTXHOD�HQWUH�GR]H�H�GH]RLWR�DQRV�GH�LGDGH�

Page 37: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

2� DUW���� GR� PHVPR� GLSORPD� OHJDO� GLVS}H� TXH�� ³D� FULDQoD� H� R�DGROHVFHQWH� WrP� R� GLUHLWR� j� SURWHomR� j� YLGD� H� j� VD~GH��PHGLDQWH� D� HIHWLYDomR� GH�SROtWLFDV� S~EOLFDV� TXH� SHUPLWDP� R� QDVFLPHQWR� H� R� GHVHQYROYLPHQWR� VDGLR� H�KDUPRQLRVR��HP�FRQGLo}HV�GLJQDV�GH�H[LVWrQFLD´��HVWi�D�GL]HU�TXH�DTXHOH�TXH�QmR�QDVFHX� PDV�TXH�WHP�R�GLUHLWR�GH�QDVFHU��SDUD�FRQWLQXDU�YLYR�� Mi�p�FULDQoD��$VVLP��WRGR�QDVFLWXUR�p�XPD�FULDQoD�SDUD�R�(VWDWXWR�GD�&ULDQoD�H�GR $GROHVFHQWH��

1DVFLWXUR� p� R� VHU� Mi� FRQFHELGR�� TXH� HVWi� JHUDGR�� SDUD� QDVFHU�� 2�&yGLJR�&LYLO� SURWHJH�DV� H[SHFWDWLYDV� GH�GLUHLWR� GR�QDVFLWXUR�� TXH� VH� FRQILUPDP�VH�KRXYHU�QDVFLPHQWR�FRP�YLGD��RX�FRPR�VH�QXQFD�WLYHVVH�H[LVWLGR��

'H�3OiFLGR�H�6LOYD�� HVFODUHFH�R�WHUPR�QDVFLWXUR�FRPR��³GHULYDGR�GR�ODWLP�QDVFLWXUXV��SDUWLFtSLR�SDVVDGR�GH�QDVFL��TXHU�SUHFLVDPHQWH� LQGLFDU�DTXHOH�TXH�Ki�GH�QDVFHU��>���@�1DVFLWXUR WHP�PRULWXUR FRPR�DQWtWHVH´��

&ULVWLDQR�&KDYHV� GH� )DULDV�� UDWLILFD�� ³QDVFLWXUR� p� SDODYUD� GHULYDGD�GR�ODWLP�QDVFLWXUXV��VLJQLILFDQGR�DTXHOH�TXH�GHYHUi�QDVFHU��TXH�HVWi�SRU�QDVFHU´��

2� QDVFLWXUR�� SRU� IRUoD� GR� GLVSRVWR� QR� DUW����� GR� &yGLJR� &LYLO�%UDVLOHLUR��PHVPR� DLQGD� QmR� WHQGR� SHUVRQDOLGDGH� MXUtGLFD� �TXH� HVWD� Vy� FRPHoD� D�SDUWLU� GR� QDVFLPHQWR� FRP�YLGD��� Mi� OKH� VmR DVVHJXUDGRV�GLUHLWRV� QR� VHQWLGR�GH� OKH�JDUDQWLU�XP�QDVFLPHQWR�VDXGiYHO�H�GLJQR�

2WiYLR�)HUUHLUD�&DUGRVR�� HQXPHUD�RV�GLUHLWRV�GR�QDVFLWXUR�ID]HQGR�UHIHUrQFLD�DR�&yGLJR�&LYLO�%UDVLOHLUR�GH������

6HU� DGRWDGR�� FRP� FRQVHQWLPHQWR� GR� VHX� UHSUHVHQWDQWH� OHJDO� �&&��DUW������� UHFHEHU� GRDomR�� VH� DFHLWD� SHORV� SDLV� �&&�� DUW���������DGTXLULU�SRU� WHVWDPHQWR��VH�FRQFHELGR�DWp�D�PRUWH�GR� WHVWDGRU� �&&��DUW��������� WHU� XP� &XUDGRU� DR� 9HQWUH� VH� R� SDL� IDOHFHU� H� D� PmH��HVWDQGR�JUiYLGD��QmR�WLYHU�SiWULR�SRGHU��QRWDQGR�VH�TXH��VH�D�PXOKHU�HVWLYHU� LQWHUGLWD��R�VHX�&XUDGRU�VHUi�R�GR�QDVFLWXUR� �&&��DUWV�����H����� H� VHX� SDUiJUDIR� ~QLFR��� YHU� UHFRQKHFLGD� VXD� ILOLDomR� H� DWp�PHVPR�SOHLWHi�OD�MXGLFLDOPHQWH�SRU�VHX�UHSUHVHQWDQWH��VXFHGHU��VHMD�OHJLWLPDPHQWH�RX�SRU�WHVWDPHQWR��VHU�UHSUHVHQWDGR�QRV�DWRV�GD�YLGD�MXUtGLFD��WHU�JDUDQWLD�GH�GLUHLWRV�SUHYLGHQFLiULRV�H�WUDEDOKLVWDV��FRPR��SRU� H[HPSOR�� GLUHLWR� j� SHQVmR� SRU� DFLGHQWH� SURILVVLRQDO� VRIULGR� SRU�VHXV�SDLV��SURWHomR�SHQDO�JDUDQWLQGR�OKH�D�YLGD�H�R�GLUHLWR�GH�QDVFHU��

�� 6,/9$��'H�3OiFLGR�H��9RFDEXOiULR�MXUtGLFR����HG��5LR�GH�-DQHLUR��)RUHQVH��������S������� )$5,$6��&ULVWLDQR�&KDYHV�GH��'LUHLWR�FLYLO��SDUWH�JHUDO��6mR�3DXOR��-XVSRGLYP��������S������� &$5'262�� 2WiYLR� )HUUHLUD�� ,QWURGXomR� DR� HVWXGR� GR� GLUHLWR�� ��HG�� %HOR� +RUL]RQWH�� 'HO� 5H\��������S�����

Page 38: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

HWF�� e�� DVVLP�� LQGXELWiYHO� TXH� R� QDVFLWXUR QmR� WHP� DSHQDV�³H[SHFWDWLYD�GH�GLUHLWRV´�� FRPR�TXHUHP�DOJXQV��7HP� ³SHUVRQDOLGDGH�MXUtGLFD´�� p� SHVVRD� QDWXUDO��PHVPR� VHP� WHU� QDVFLGR�� SHUVRQDOLGDGH�HVWD�TXH�Vy�WHUPLQD�FRP�D�PRUWH�

0DULD� +HOHQD� 'LQL]�� p� TXHP� FRQFHEH� XPD� GLYLVmR� HQWUH�SHUVRQDOLGDGH� MXUtGLFD� IRUPDO� H� PDWHULDO�� DILUPDQGR� TXH� ³R� QDVFLWXUR� SRVVXL�SHUVRQDOLGDGH� IRUPDO� DSHQDV� QR� TXH� WDQJH� DRV� GLUHLWRV� SHUVRQDOtVVLPRV�� H� TXH� D�SHUVRQDOLGDGH� MXUtGLFD� PDWHULDO� �GLUHLWRV� SDWULPRQLDLV�� Vy� VH� FRQVROLGDUi� FRP� R�QDVFLPHQWR�FRP�YLGD´�

3DUD�$OH[DQGUH�GH�0RUDHV���

2�GLUHLWR�j�YLGD�p�R�PDLV�IXQGDPHQWDO�GH�WRGRV�RV�GLUHLWRV��Mi�TXH�VH�FRQVWLWXL�VH� HP� SUp�UHTXLVLWR� D� H[LVWrQFLD� H� H[HUFtFLR� GH� WRGRV� RV�GHPDLV� GLUHLWRV�� $� &RQVWLWXLomR� )HGHUDO�� p� LPSRUWDQWH� UHVVDOWDU��SURWHJH�D�YLGD�GH�IRUDP�JHUDO��LQFOXVLYH�D�XWHULQD�

'DOPR� GH� $EUHX� 'DOODUL���� H[WUDtGR� GR� OLYUR� ³9LYHU� HP� 6RFLHGDGH´�FRPHQWD��

$�YLGD�p�QHFHVViULD�SDUD�TXH�XPD�SHVVRD�H[LVWD��7RGRV�RV�EHQV�GH�XPD�SHVVRD��R�GLQKHLUR�H�DV�FRLVDV�TXH�HOD�DFXPXORX��VHX�SUHVWtJLR�SROtWLFR��VHX�SRGHU�PLOLWDU��R�FDUJR�TXH�HOD�RFXSD��VXD�LPSRUWkQFLD�QD�VRFLHGDGH�� DWp� VHXV� GLUHLWRV�� WXGR� LVVR� GHL[D� GH� VHU� LPSRUWDQWH�TXDQGR� DFDED� D� YLGD�� 7XGR� R� TXH� XPD� SHVVRD� WHP�SHUGH� R� YDORU��GHL[D�GH�WHU�VHQWLGR��TXDQGR�HOD�SHUGH�D�YLGD��3RU�LVVR�SRGH�VH�GL]HU�TXH�D�YLGD�p�R�EHP�SULQFLSDO�GH�TXDOTXHU�SHVVRD��p�R�SULPHLUR�YDORU�PRUDO�GH�WRGRV�RV�VHUHV�KXPDQRV�

3DUD�0DULD�+HOHQD�'LQL]���

2� GLUHLWR� j� YLGD�� SRU� VHU� HVVHQFLDO� DR� VHU� KXPDQR�� FRQGLFLRQD� RV�GHPDLV� GLUHLWRV� GD� SHUVRQDOLGDGH�� $� &RQVWLWXLomR� )HGHUDO� GH� ������

�� ',1,=�� 0DULD� +HOHQD� /HL� GH� LQWURGXomR� DR� FyGLJR� FLYLO� EUDVLOHLUR� LQWHUSUHWDGD � 6mR� 3DXOR��6DUDLYD�������

�� 025$(6��$OH[DQGUH�GH��'LUHLWR�FRQVWLWXFLRQDO����HG��6mR�3DXOR��$WODV��������S������ '$//$5,��'DOPR�GH�$EUHX� 9LYHU�HP�VRFLHGDGH� 6mR�3DXOR��0RGHUQD��������S������ ',1,=��0DULD�+HOHQD��2�HVWDGR�DWXDO�GR�ELRGLUHLWR� 6mR�3DXOR��6DUDLYD��������S�������

Page 39: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

HP�VHX�DUW�����FDSXW��DVVHJXUD�D�LQYLRODELOLGDGH�GR�GLUHLWR�j�YLGD��RX�VHMD��D�LQWHJULGDGH�H[LVWHQFLDO��FRQVHT�HQWHPHQWH��D�YLGD�p�XP�EHP�MXUtGLFR�WXWHODGR�FRP�GLUHLWR�IXQGDPHQWDO�EiVLFR�GHVGH�D�FRQFHSomR��PRPHQWR� HVSHFtILFR�� FRPSURYDGR� FLHQWLILFDPHQWH�� GD� IRUPDomR GD�SHVVRD��6H�DVVLP�p��D�YLGD�KXPDQD�GHYH�VHU�SURWHJLGD�FRQWUD�WXGR�H�FRQWUD�WRGRV��SRLV�p�REMHWR�GR�GLUHLWR�SHUVRQDOtVVLPR��2�UHVSHLWR�D�HOD�H� DRV� GHPDLV� EHQV� RX� GLUHLWRV� FRUUHODWRV� GHFRUUHP� GH� XP� GHYHU�DEVROXWR�µHUJD�RPQHV¶��SRU�VXD�SUySULD�QDWXUH]D��DR TXDO�D�QLQJXpP�p�OtFLWR� GHVREHGHFHU���� *DUDQWLGR� HVWi� R� GLUHLWR� j� YLGD� SHOD� QRUPD�FRQVWLWXFLRQDO� HP� FOiXVXOD� SpWUHD�� TXH� p� LQWDQJtYHO�� SRLV� FRQWUD� HOD�QHP�PHVPR�Ki�R�SRGHU�GH�HPHQGDU����7HP�HILFiFLD�FRQWUD�D�LQVkQLD�FROHWLYD��TXH�SUHFRQL]D�D�OHJDOL]DomR�GR�DERUWR��D�SHQD�GH�PRUWH�H�DJXHUUD�� FULDQGR�VH� QRUPDV� LPSHGLWLYDV� GD� SUiWLFD� GH� FUXHOGDGHV�LQ~WHLV�H�GHJUDGDQWHV����(VWDPRV�QR�OLPLDU�GH�XP�JUDQGH�GHVDILR�GR�VpFXOR�;;,��TXDO�VHMD��PDQWHU�R�UHVSHLWR�j�GLJQLGDGH�KXPDQD�

2� 'LUHLWR� j YLGD� p� LQYLROiYHO�� p� GLUHLWR� IXQGDPHQWDO� GR� KRPHP��FRQVWLWXFLRQDOPHQWH� SURWHJLGR�� p� GHOH� TXH� GHFRUUHP� WRGRV� RV� RXWURV� GLUHLWRV�LQHUHQWHV� j� SHVVRD�� p� GLUHLWR� QDWXUDO�� IXQGDPHQWDOPHQWH� SHUVRQDOtVVLPR��&RQVHT�HQWHPHQWH�� WRGD� FRQGXWD� GR� FLGDGmR� p� YHODGD� SHOR� GLUHLWR�� SHODV� QRUPDV�TXH�SHUPLWHP��REULJDP�RX�VDQFLRQDP�R�VHX�FXPSULPHQWR��YLVDQGR�R�UHVSHLWR�P~WXR�H�D�KDUPRQLD�HQWUH�RV�KRPHQV��2�GLUHLWR�H[LVWH�SDUD� UHJXODU�D�YLGD�GR�KRPHP�HP�VRFLHGDGH�� $� GLJQLGDGH�� FRPR� IXQGDPHQWR� FRQVWLWXFLRQDO� LQGLVSRQtYHO�� UHWUDWD� RV�DWULEXWRV� LQHUHQWHV j�SUySULD�SHVVRD��VHXV�SULQFtSLRV��VHXV�YDORUHV��VHX�EHP�PDLRU��LQGLVSRQtYHO� H� LQGLVVRFLiYHO�� TXH� GHYH� VHU� WXWHODGR� SHOR�(VWDGR� H� SURWHJLGR� FRQWUD�WRGD�H�TXDOTXHU�OHVmR�RX�DPHDoD�

��� 1$785(=$�-85Ë',&$�'26�',5(,726�'$�3(5621$/,'$'(

$� GLVFXVVmR� GRXWULQiULD� UHVLVWH� TXDQWR� j� QDWXUH]D� GRV� GLUHLWRV� GD�SHUVRQDOLGDGH��GH�VHUHP�GLUHLWRV�VXEMHWLYRV��LQDWRV��SHVVRDO�DEVROXWR��R�TXH�GHFRUUH��SULQFLSDOPHQWH�� GR�HPSUHJR�GH�GLYHUVRV� WHUPRV�� SDUD� GHVLJQDU�HVVHV�GLUHLWRV�� TXH�YDULDP�FRQIRUPH�R�DXWRU�H�D WHVH�SRU�HOH�DGRWDGD�

$� PDLRULD� GRV� GRXWULQDGRUHV� DGRWD� D� SRVLomR� GRV� GLUHLWRV� GD�SHUVRQDOLGDGH�FRPR�GLUHLWRV�VXEMHWLYRV�GD�SHVVRD�

Page 40: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

'H�&XSLV�� DILUPD�TXH�

2V�GLUHLWRV�GD�SHUVRQDOLGDGH��SHOR�VHX�FDUiWHU�GH�HVVHQFLDOLGDGH��VmR�QD�PDLRULD� GDV� YH]HV� LQDWRV�� QR�VHQWLGR�HP�TXH SUHVHQWHPHQWH� VH�SRGH� HPSUHJDU� HVWD� H[SUHVVmR�� PDV� QmR� VH� UHGX]HP� DR� kPELWR�GHVWHV��2V�GLUHLWRV� LQDWRV�VmR� WRGRV�HOHV�GLUHLWRV�GD�SHUVRQDOLGDGH��PDV�SRGH�YHULILFDU�VH�D�KLSyWHVHV�GH�GLUHLWRV�TXH�QmR�WrP�SRU�EDVH�R�VLPSOHV� SUHVVXSRVWRV� GD� SHUVRQDOLGDGH�� H� TXH�� WRGDYLD�� XPD� YH]�UHYHODGRV��DGTXLUHP�FDUiWHU�GH�HVVHQFLDOLGDGH�

/LPRQJL�)UDQoD����SRU�VXD�YH]��VXVWHQWD�D� LPSRVVLELOLGDGH�GH�OLPLWi�ORV� SRVLWLYDPHQWH�� QD�PHGLGD�HP�TXH� FRQVWLWXHP� IDFXOGDGHV� LQHUHQWHV� j� FRQGLomR�KXPDQD��SRUTXDQWR��QD�GHILQLomR�GHVWH�GRXWULQDGRU�³GLUHLWRV�GD�SHUVRQDOLGDGH�GL]HP�VH�DV� IDFXOGDGHV� MXUtGLFDV�FXMR�REMHWR�VmR�RV�GLYHUVRV�DVSHFWRV�GD�SUySULD�SHVVRD�GR�VXMHLWR��EHP�DVVLP�GD�VXD�SURMHomR�HVVHQFLDO�QR�PXQGR�H[WHULRU´�

&DSHOR�GH�6RX]D�� FRPHQWD�TXH�

0DLV� GR� TXH� XPD� SRVVLELOLGDGH�� DLQGD� FRP� YLUWXDOLGDGHV� SRU�GHVHQYROYHU�� R� GLUHLWR� JHUDO� GD� SHUVRQDOLGDGH� p� XPD� QHFHVVLGDGH�MXUtGLFD�� SDUD� D� GHIHVD� H� GHVHQYROYLPHQWR� GDV� SHUVRQDOLGDGHV�KXPDQDV�QR�HVSDoR�SRUWXJXrV��H�p�Mi�XP�HOHPHQWR�LPSUHVFLQGtYHO�GR�SDWULP{QLR� MXUtGLFR� GD� FRPXQLGDGH� SRUWXJXHVD� GH� SHVVRDV� OLYUHV��LJXDLV�HP�GLUHLWRV�H�VROLGiULDV�

(� R� DXWRU�� DLQGD� DILUPD� TXH�� ³WHPRV�� SRLV�� TXH� R� GLUHLWR� JHUDO� GH�SHUVRQDOLGDGH� p� XP� LQVRILVPiYHO� GLUHLWR� VXEMHFWLYR� SULYDGR�� IDFH� j� VXD� LQWHJUDomR�QDV�SUHFHGHQWHV�QRo}HV��FRP�FULWpULRV�EHP�GLYHUVRV´�

&RPHQWD� (OLPDU� 6]DQLDZVNL���� ³WHQGR� IL[DGR� QRVVD� SDUWLFXODU�SRVLomR�HP�DGPLWLU�D�H[LVWrQFLD�GH�XP�GLUHLWR�JHUDO�GH�SHUVRQDOLGDGH�SHUWHQFHQWH�j�FDWHJRULD�GRV�GLUHLWRV�VXEMHWLYRV�GH�QDWXUH]D�HVSHFLDO��FXMDV�FDUDFWHUtVWLFDV�VmR�D�

�� '(�&83,6��������S������� )5$1d$��/LPRQJL�5XEHQV��,QVWLWXLo}HV�GH�GLUHLWR�FLYLO����HG��6mR�3DXOR��6DUDLYD��������S�������� &$3(/2� '(� 628=$�� 5DELQGUDQDWK� 9�� $�� 2� GLUHLWR� JHUDO� GD� SHUVRQDOLGDGH�� /LVERD�� &RLPEUD�(GLWRUD��������S�����

�� ,G��,ELG���S������� 6=$1,$:6.,��������S����

Page 41: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

LUUHQXQFLDELOLGDGH�� D� LQWUDQVPLVVLELOLGDGH�� j� LQGLVSRQLELOLGDGH� H� D�H[WUDSDWULPRQLDELOLGDGH´�

&RQFOXL�-DEXU�� TXH�

2�IDWR�GH�VHUHP�LQDWRV��FRPR�QHQKXP�RXWUR�GLUHLWR��LQGHSHQGHQWH�GH�SRVWHULRU�DTXLVLomR���HVVHQFLDLV��SRUTXDQWR�OLJDGRV�DR�PHFDQLVPR�GH�GHVHQYROYLPHQWR� SOHQR� H� j� H[SDQVmR� GD� SHUVRQDOLGDGH�� H��SULQFLSDOPHQWH��YLWDOtFLRV��SRVWR�DFRPSDQKDUHP�± MXVWDPHQWH�SRUTXH�HVVHQFLDLV� ± D� SHVVRD� GXUDQWH� R� FXUVR� GH� VXD� H[LVWrQFLD�� VHP�HPEDUJR� GR� H[HUFtFLR� DG� SHUSHWXDP GH� DOJXQV� GH� VHXV�SURORQJDPHQWRV� D� FDUJR� GRV� KHUGHLURV� GR� WLWXODU�� DXWRUL]D� UHIHUL�ORV�FRPR�GLUHLWRV�SULYDGRV�VXEMHWLYRV�DXW{QRPRV�� DFUpVFLPR�TXH�WDPEpP�GHIHQGHP�6DQWRV�&LIXHQWHV�

2V� GLUHLWRV� GD� SHUVRQDOLGDGH� QmR� FRQVWLWXHP� XP� URO� OLPLWDGR� GH�GLUHLWRV�� VmR� LQHVJRWiYHLV�� QD� PHGLGD� HP� TXH� LQHUHQWHV� j� FRQGLomR� KXPDQD�� H�GHVWLQDGRV� IXQGDPHQWDOPHQWH� DR� H[HUFtFLR� GD� WXWHOD� GD� GLJQLGDGH� GD� SHVVRD�KXPDQD��&RQVRDQWH� DILUPD�-DEXU����³RV�GLUHLWRV�GD�SHUVRQDOLGDGH�VmR��GLDQWH�GH�VXD�HVSHFLDO� QDWXUH]D�� FDUHQWHV� GH� WD[DomR� H[DXULHQWH� H� LQGHIHFWtYHO�� 6mR� WRGRV�LQGLVSHQViYHLV� DR� GHVHQURODU� VDXGiYHO� H� SOHQR� GDV� YLUWXGHV� SVLFRItVLFDV� TXH�RUQDPHQWDP�D�SHVVRD´�

��� '2�35,1&Ë3,2�'$�',*1,'$'(�'$�3(662$�+80$1$�12�$0%,(17(�'2�75$%$/+2

$� GLJQLGDGH� GD� SHVVRD� KXPDQD� HQFRQWUD�VH� FRQVDJUDGD� QR� DUW�����,,,��GD�&RQVWLWXLomR�)HGHUDO��e�XP�GRV�SULQFtSLRV�FRUROiULR�GR�GLUHLWR��p� IXQGDPHQWR�FRQVWLWXFLRQDO�TXH�SURWHJH�j�PRUDO�H�D�GLJQLGDGH�GD�SHVVRD�KXPDQD�

4XDQWR� j� GLJQLGDGH� GD� SHVVRD� KXPDQD�� $OH[DQGUH� GH� 0RUDHV��FRPHQWD�

�� -$%85��������S������ ,G��,ELG���S������ 025$(6��$OH[DQGUH��'LUHLWR�FRQVWLWXFLRQDO����HG��6mR�3DXOR��$WODV��������S����

Page 42: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

$� GLJQLGDGH� GD� SHVVRD� KXPDQD�� FRQFHGH� XQLGDGH� DRV� GLUHLWRV� H�JDUDQWLDV�IXQGDPHQWDLV� VHQGR�LQHUHQWH�jV�SHUVRQDOLGDGHV�KXPDQDV��(VVH� IXQGDPHQWR� DIDVWD� D� LGpLD� GH� SUHGRPtQLR� GDV� FRQFHSo}HV�WUDQVSHVVRDOLVWDV� GR� (VWDGR� H� 1DomR�� HP� GHWULPHQWR� GD� OLEHUGDGH�LQGLYLGXDO�� $� GLJQLGDGH� p� XP� YDORU� HVSLULWXDO� H� PRUDO�� LQHUHQWH� j�SHVVRD�� TXH� VH� PDQLIHVWD� VLQJXODUPHQWH� QD� DXWRGHWHUPLQDomR�FRQVFLHQWH� H� UHVSRQViYHO� GD� SUySULD� YLGD� H� TXH� WUD]� FRQVLJR� D�SUHWHQVmR�DR�UHVSHLWR�SRU�SDUWH�GDV�GHPDLV�SHVVRDV��FRQVWLWXLQGR�VH�XP�PtQLPR�LQYXOQHUiYHO�TXH�WRGR�HVWDWXWR�MXUtGLFR�GHYH�DVVHJXUDU��GH�PRGR�TXH��VRPHQWH�H[FHSFLRQDOPHQWH��SRVVDP�VHU�IHLWDV�OLPLWDo}HV�DR� H[HUFtFLR� GRV� GLUHLWRV� IXQGDPHQWDLV�� PDV� VHPSUH� VHP�PHQRVSUH]DU� D� QHFHVViULD� HVWLPD� TXH�PHUHFHP� WRGDV� DV� SHVVRDV�HQTXDQWR�VHUHV�KXPDQRV�

$� GLJQLGDGH� GD� SHVVRD� KXPDQD� SDUD� *XVWDYR� 7HSHGLQR��� p��³FOiXVXOD� JHUDO� GH� WXWHOD� H� SURPRomR� GD� SHVVRD� KXPDQD�� D� GLJQLGDGH� p� R� µYDORU�Pi[LPR¶� GH� QRVVR� RUGHQDPHQWR� MXUtGLFR�� GHYHQGR� LQIRUPDU� WRGDV� DV� UHODo}HV�MXUtGLFDV�H�HVWDQGR�VRE�VHX�FRPDQGR�D�OHJLVODomR�LQIUDFRQVWLWXFLRQDO�́��

'LJQLGDGH�� QD� FRQFHSomR� GH� ,PPDQXHO� .DQW� DSXG�6DUOHW���� p� WXGR�DTXLOR� TXH� QmR� WHP� SUHoR�� ³1R� UHLQR� GRV� ILQV� WXGR� WHP� RX� XP� SUHoR� RX� XPD�GLJQLGDGH�� 4XDQGR� XPD� FRLVD� WHP� XP� SUHoR�� SRGH�VH� SRU� HP� YH]� GHOD� TXDOTXHU�RXWUD� FRPR� HTXLYDOHQWH�� PDV� TXDQGR� XPD� FRLVD� HVWi� DFLPD� GH� WRGR� R� SUHoR�� H��SRUWDQWR�QmR�SHUPLWH�HTXLYDOHQWH��HQWmR�WHP�HOD�GLJQLGDGH´�

.DUO� /DUHQ]�� UHFRQKHFH� QD� GLJQLGDGH� SHVVRDO� ³D� SUHUURJDWLYD� GH�WRGR�VHU�KXPDQR�HP�VHU� UHVSHLWDGR�FRPR�SHVVRD��GH�QmR�VHU�SUHMXGLFDGR�HP�VXD�H[LVWrQFLD��D�YLGD��R�FRUSR�H�D�VD~GH��H�GH�IUXLU�GH�XP�kPELWR�H[LVWHQFLDO�SUySULR´��

1R� kPELWR� GR� 'LUHLWR� 7UDEDOKLVWD�� R� HPSUHJDGR� SRVVXL� GLUHLWRV�VRFLDLV� IXQGDPHQWDLV� YLQFXODGRV� j� GLJQLGDGH� GD� SHVVRD�KXPDQD�� H� D�&RQVWLWXLomR�)HGHUDO� GH� ����� DUURORX� HP� VHX� 7tWXOR� ,,�� RV� GLUHLWRV� H� JDUDQWLDV� IXQGDPHQWDLV��FRPSUHHQGLGRV�HQWUH�HOHV�RV�GLUHLWRV�VRFLDLV�TXH�VH�FODVVLILFDP�HP��GLUHLWRV�VRFLDLV�UHODWLYRV� DR� WUDEDOKDGRU�� UHODWLYRV� j� VHJXULGDGH� VRFLDO� �VD~GH�� SUHYLGrQFLD� VRFLDO� H�DVVLVWrQFLD�VRFLDO��� UHODWLYRV�j�HGXFDomR�H�FXOWXUD�� UHODWLYRV�j�IDPtOLD��j�FULDQoD��DR�DGROHVFHQWH�H�LGRVR��H�GLUHLWRV�VRFLDLV�UHODWLYRV�DR�PHLR�DPELHQWH�

�� 7(3(',12��*XVWDYR��$�WXWHOD�GD�SHUVRQDOLGDGH�QR�RUGHQDPHQWR�FLYLO��FRQVWLWXFLRQDO�EUDVLOHLUR�� ,Q��BBBBBB���HW�DO��7HPDV�GH�GLUHLWR�FLYLO��5LR�GH�-DQHLUR��5HQRYDU��������S�������

�� 025$(6��������S������ 6$5/(7�� ,QJR� :ROIJDQJ�� 'LJQLGDGH� GD� SHVVRD� KXPDQD� H� GLUHLWRV� IXQGDPHQWDLV� QD�

FRQVWLWXLomR�IHGHUDO�GH�������3RUWR�$OHJUH��/LYUDULD�GR�$GYRJDGR��������S������ /$5(1=��.DUO��'HUHFKR�FLYLO��SDUWH�JHQHUDO��0DGUL��(GLWRULDOHV�GH�'HUHFKR�5HXQLGDV��������S����

Page 43: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

$�&RQVWLWXLomR�)HGHUDO�QR�VHX�DUW����HVWDEHOHFHX�RV�GLUHLWRV�VRFLDLV�JDUDQWLGRV�DRV�WUDEDOKDGRUHV��TXDQGR�SUHVFUHYHX�

$UW���� 6mR� GLUHLWRV� GRV� WUDEDOKDGRUHV� XUEDQRV� H� UXUDLV�� DOpP� GH�RXWURV�TXH�YLVHP�j�PHOKRULD�GH�VXD�FRQGLomR�VRFLDO�,� UHODomR�GH�HPSUHJR�SURWHJLGD�FRQWUD�GHVSHGLGD�DUELWUiULD�RX�VHP�MXVWD� FDXVD�� QRV� WHUPRV� GH� OHL� FRPSOHPHQWDU�� TXH� SUHYHUi�LQGHQL]DomR�FRPSHQVDWyULD��GHQWUH�RXWURV�GLUHLWRV�,,� VHJXUR�GHVHPSUHJR��HP�FDVR�GH�GHVHPSUHJR�LQYROXQWiULR�,,,� IXQGR�GH�JDUDQWLD�GR�WHPSR�GH�VHUYLoR�

$�&/7� QR�VHX�DUW����� SURtEH�TXH�R�HPSUHJDGRU�RIHQGD�D�KRQUD�H�DERD� IDPD� GR� HPSUHJDGR�� 1mR� Vy� RV� FULPHV� FRQWUD� D� KRQUD� �FDO~QLD�� LQM~ULD� RX�GLIDPDomR���PDV�RXWURV�FRPSRUWDPHQWRV�FDSD]HV�GH�PDJRDU�R�HPSUHJDGR�QD�VXD�GLJQLGDGH�SHVVRDO��6HQmR�YHMDPRV�

$UW����� 2� HPSUHJDGR� SRGHUi� FRQVLGHUDU� UHVFLQGLGR� R� FRQWUDWR� H�SOHLWHDU� D� GHYLGD� LQGHQL]DomR� TXDQGR�� D� IRUHP� H[LJLGRV� VHUYLoRV�VXSHULRUHV� jV� VXDV� IRUoDV�� GHIHVRV� SRU� /HL�� FRQWUiULRV� DRV� ERQV�FRVWXPHV�RX�DOKHLRV�DR�FRQWUDWR��E� IRU�WUDWDGR�SHOR�HPSUHJDGRU�RX�SRU� VHXV� VXSHULRUHV� KLHUiUTXLFRV� FRP� ULJRU� H[FHVVLYR�� F� FRUUHU�SHULJR�PDQLIHVWR�GH�PDO�FRQVLGHUiYHO��G� QmR�FXPSULU�R�HPSUHJDGRU�DV� REULJDo}HV� GR� FRQWUDWR�� H� SUDWLFDU� R� HPSUHJDGRU� RX� VHXV�SUHSRVWRV��FRQWUD�HOH�RX�SHVVRDV�GH�VXD�IDPtOLD�DWR�OHVLYR�GD�KRQUD�H�ERD� IDPD�� I� R� HPSUHJDGRU� RX� VHXV� SUHSRVWRV� RIHQGHUHP�QR�ILVLFDPHQWH��VDOYR�HP�FDVR�GH�OHJtWLPD�GHIHVD��SUySULD�RX�GH�RXWUHP��J� 2� HPSUHJDGRU� UHGX]LU� R� VHX� WUDEDOKR�� VHQGR� HVWH� SRU� SHoD� RX�WDUHID��GH�IRUPD�D�DIHWDU�VHQVLYHOPHQWH�D�LPSRUWkQFLD�GRV�VDOiULRV�

(VVH� FRPSRUWDPHQWR� GR� HPSUHJDGRU� HQVHMD� D� FKDPDGD� UHVFLVmR�LQGLUHWD��FRP�R�SDJDPHQWR�DR�TXH�VHULD�GHYLGR�DR�HPSUHJDGR�QD�VLWXDomR�GH�XPD�GHVSHGLGD�LQMXVWD��VHP�SUHMXt]R�GD�LQGHQL]DomR�SRU�GDQRV�PRUDLV�

&DEH� DR� HPSUHJDGRU� R� DWULEXWR� GH� WUDWDU� R� HPSUHJDGR� FRP�GLJQLGDGH��UHVSHLWDQGR�VXD�OLEHUGDGH�GH�WUDEDOKR��VXD�LQWHJULGDGH�ItVLFD�H�PRUDO��VXD�YLGD� SULYDGD�� VXD� LQWLPLGDGH�� VXD� KRQUD�� LPDJHP� H� ERD� IDPD�� EHP� FRPR�� HYLWDU�SUiWLFDV�GH�KXPLOKDo}HV�TXH�YLROHPRV�GLUHLWRV�GD�SHUVRQDOLGDGH�

Page 44: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

0DULD�$SDUHFLGD�$ONLPLQ�� FRQFOXL�TXH�

2� UHFRQKHFLPHQWR� GRV� GLUHLWRV� GD� SHUVRQDOLGDGH� QD� UHODomR� GH�HPSUHJR�WHP�FRPR�FRQVHT�rQFLD�D� OLPLWDomR�DR�H[HUFtFLR�GR�SRGHU�GH�GLUHomR�GR�HPSUHJDGRU�H�D�OLPLWDomR�DR�SULQFtSLR�GD�DXWRQRPLD�GD�YRQWDGH��GHYHQGR�RUJDQL]DU�R� WUDEDOKR�H�GHVWLQDU�RUGHQV�GH�VHUYLoR�TXH� DWHQWHP� D� GHYLGD� FRQVLGHUDomR� j� GLJQLGDGH� GR� WUDEDOKDGRU�� H��FRQVHT�HQWHPHQWH�DRV�VHXV�GLUHLWRV�GD�SHUVRQDOLGDGH�

2EVHUYDQGR�VH�R�FDVR�SUiWLFR� YHULILFD�VH D�SRVLomR�GR�MXL]�GH�GLUHLWR�-RmR� %DWLVWD� +HUNHQKRII���� TXDQWR� j� DSOLFDELOLGDGH� GR� SULQFtSLR� GD� GLJQLGDGH� GD�SHVVRD�KXPDQD�TXH� HP�DUWLJR�SXEOLFDGR�QD�LQWHUQHW��GHPRQVWUD�D�SUHRFXSDomR�GR�PDJLVWUDGR�HP�ID]HU�FXPSULU�R�SULQFtSLR�Pi[LPR�GD�GLJQLGDGH�GD�SHVVRD�KXPDQD�H�DVVLP�UHODWD��

&RPR�MXL]�GH�'LUHLWR�HPLWL�VHQWHQoDV�TXH�VXIUDJDYDP�R�SULQFtSLR�GD�GLJQLGDGH� GD� SHVVRD� KXPDQD�� LQGHSHQGHQWH� GD� H[LVWrQFLD� GH�SUHFHLWR� OHJDO� UHVSDOGDQGR� R� HQWHQGLPHQWR�� (P� PDUoR� GH� ������OLEHUWHL� 1HX]D�� D� HPSUHJDGD� GRPpVWLFD� TXH� ³IXUWRX´� ���� FUX]HLURV��PRHGD� GH� HQWmR�� GRV� VHXV� SDWU}HV�� D� ILP� GH� FRPSUDU� XPD�SDVVDJHP� GH� WUHP� SDUD� YROWDU� j� FDVD� PDWHUQD�� HP� *RYHUQDGRU�9DODGDUHV��GHVDMXVWDGD�TXH�HVWDYD�HP�9LWyULD��2V�SDWU}HV�QHJDUDP�VH�D� OKH�SDJDU�SHOR�PHQRV�RV�GLDV�TXH� Mi�KDYLD� WUDEDOKDGR��1HX]D�UHWLURX�GH�XPD�FDL[D��TXH�FRQWLQKD�PDLV�GLQKHLUR��DSHQDV�D�TXDQWLD�SDUD� DGTXLULU� D� SDVVDJHP�� 2V� SDWU}HV� SHUFHEHUDP�� FKDPDUDP� D�3ROtFLD� H� 1HX]D� IRL� SUHVD� QD� (VWDomR� )HUURYLiULD�� SURQWD� SDUD�HPEDUFDU�� (P� PDLR� GH� ������ DEVROYL� MRYHQV� SURFHVVDGRV� SRU�YDGLDJHP� DILUPDQGR� TXH� LQGLYtGXRV� DQDOIDEHWRV�� VHP� TXDOLILFDomR�SURILVVLRQDO�� PDUJLQDOL]DGRV� SHODV� HVWUXWXUDV� VRFLDLV�� QHP� VHPSUH�HQFRQWUDP� WUDEDOKR�� (P� MDQHLUR� GH� ������ HTXLSDUHL� D� FDUWHLUD� GH�WUDEDOKR� DR� WtWXOR� LPRELOLiULR�� PDQGDQGR� TXH� XP� WUDEDOKDGRU�UHVSRQGHVVH� HP� OLEHUGDGH� DR� SURFHVVR�� $� MXULVSUXGrQFLD� GH� HQWmR�UHFRQKHFLD� TXH� D� SURSULHGDGH� LPyYHO� GDYD� JDUDQWLD� DR� MXt]R��$UJXPHQWHL� TXH�R�PHVPR�EHQHItFLR�GHYHULD�SURWHJHU�R� WUDEDOKDGRU��HP� QRPH� GD� GLJQLGDGH� GD� SHVVRD� KXPDQD�� 1R� (VStULWR� 6DQWR��WDPEpP�+RPHUR�0DIUD��HQWmR�-XL] GH�'LUHLWR��DEVROYHX�GRLV� MRYHQV�XQLYHUVLWiULRV�� DFXVDGRV� GH� SRVVXLU� H� IXPDU� PDFRQKD�� HPERUD�UHFRQKHFHQGR�H[SUHVVDPHQWH�D�FRQILJXUDomR�GR�FULPH��SDUD�PDQWHU�QHOHV�YLYD�D�HVSHUDQoD�QD�PLVHULFyUGLD�KXPDQD��(UD�D�FRQVDJUDomR��SHOR� VDXGRVR� PDJLVWUDGR�� GR� SULQFtSLR� GD� GLJQLGDGH� GD� SHVVRD�KXPDQD��

�� $/.,0,1��0DULD�$SDUHFLGD��$VVpGLR�PRUDO�QD�UHODomR�GH�HPSUHJR��&XULWLED��-XUXi��������S������ +(5.(1+2))��-RmR�%DWLVWD��3ULQFtSLR�GD�GLJQLGDGH�KXPDQD��-XULVWDV�FRP�EU� -RmR�3HVVRD��DQR����Q�����'LVSRQtYHO�HP���KWWS���ZZZ�MXULVWDV�FRP�EU�FROXQDV!��$FHVVR�HP�����QRY�������

Page 45: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

*DUDQWLU�R�UHVSHLWR�H�SURWHJHU�D�GLJQLGDGH�GD�SHVVRD�p�IXQGDPHQWR�FRQVWLWXFLRQDO� LQGLVFXWtYHO� SHORV� GRXWULQDGRUHV� TXH� HQWHQGHP� RV� GLUHLWRV�IXQGDPHQWDLV�H�D GLJQLGDGH�GD�SHVVRD�KXPDQD�FRPR�SUHPLVVDV�PDLRUHV��DOpP�GR�TXH� WRGR�VHU�KXPDQR�SRVVXL�GLJQLGDGH��GLUHLWR�HVVH�TXH� WDPEpP�p� LUUHQXQFLiYHO�H�LQDOLHQiYHO��SRUWDQGR��PHUHFHGRU�GD�SURWHomR�SRU�SDUWH�GR�(VWDGR�

3RGH�VH� DILUPDU� TXH� RV� GLUHLWRV� GD� SHUVRQDOLGDGH� VmR� GLUHLWRV�VXEMHWLYRV�� LQDWRV�H�SHUPDQHQWHV�TXH�WHP�FRPR�HOHPHQWRV�D�SHUVRQDOLGDGH�GR�VHX�WLWXODU�HP�VHXV�DVSHFWRV�ItVLFR��PRUDO�H� LQWHOHFWXDO��6mR�GLUHLWRV�TXH�QDVFHP�FRP�D�SHVVRD�H�D�DFRPSDQKDP�GXUDQWH�WRGD�VXD�WUDMHWyULD�QD�YLGD��WHQGR�FRPR�REMHWLYR�j�SURWHomR�GDV�TXDOLGDGHV�H�GRV�DWULEXWRV�HVVHQFLDLV�GD�SHVVRD�KXPDQD��GH�IRUPD�D�VDOYDJXDUGDU�VXD�GLJQLGDGH�H�SURWHJr�OD�GH�DJUHVV}HV��FDEHQGR�DR�(VWDGR�WXWHODU�H�VDQFLRQDU�MXULGLFDPHQWH�HVVH�GLUHLWR�

$VVLP� HQWHQGH�VH�FRPR�DJUHVVmR�j�&RQVWLWXLomR�)HGHUDO� WRGDV�DV�YH]HV� TXH� XPD� SHVVRD� p� DWLQJLGD� VHMD� QD� LQWHJULGDGH� ItVLFD� RX�PRUDO�� TXHU� SHOR�FHUFHDPHQWR�GD�OLEHUGDGH��LJXDOGDGH��DXWRQRPLD��RX�HP�VLWXDo}HV�TXH�D�FRORTXH�HP�SRVLomR� GH� GHVLJXDOGDGH� SHUDQWH� RV� GHPDLV�� FRP� R� ILP� GH� GHVFRQVLGHUi�OD� FRPR�SHVVRD��RX�DLQGD�D�SULYi�OD�GRV�PHLRV�QHFHVViULRV�j�VXD�PDQXWHQomR�

9HULILFD�VH� TXH� H[LVWH� XPD� HVWUHLWD� UHODomR� HQWUH� D� GLJQLGDGH� GD�SHVVRD�KXPDQD�H�R�GLUHLWR�j�YLGD��H�D�YLRODomR�GH�XP�OHYD�j�FRQVHT�HQWH�YLQFXODomR�GH�RXWUR�EHP�FRQVWLWXFLRQDOPHQWH� WXWHODGR��2QGH�Ki�YLGD��Ki�GLJQLGDGH�H�FDEH�DR�(VWDGR�'HPRFUiWLFR�GH�'LUHLWR�SURWHJr�OD�

Page 46: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

� $66e',2�025$/��$63(&726�*(5$,6�(�&21&(,72

1R�%UDVLO��D�SULPHLUD�OHL�D�WUDWDU�GHVVH�DVVXQWR�p�GH�,UDFHPiSROLV�63��UHJXODPHQWDGD�HP�������$WXDOPHQWH��Ki�GLYHUVRV�RXWURV�SURMHWRV�HP�WUDPLWDomR�QRV�OHJLVODWLYRV�PXQLFLSDLV��HVWDGXDLV�H�QD�HVIHUD�IHGHUDO��TXH�VHUmR�DUURODGRV�QR�ILQDO�GR�WUDEDOKR��HP�DQH[R�

,UDQ\�)HUUDUL�� FRPHQWD� TXH� ³R� DVVpGLR�PRUDO� p� XP�PDO� TXH� VXUJLX�FRP� R� SUySULR� WUDEDOKR�� (QWUHWDQWR�� SDVVRX� D� VHU� HQFDUDGR� FRPR� XP� SUREOHPD�VRFLDO�� TXDQGR� R� WUDEDOKR� SDVVRX� D� VHU� QmR� Vy� VRFLDOPHQWH� HVWUXWXUDGR�� PDV�UHJXODPHQWDGR�� FRP� R� TXH� VXUJLX� D� FRPSHWLomR� DJUHVVLYD� HQWUH� RV� WUDEDOKDGRUHV�YLVDQGR�PHOKRUHV�FRQGLo}HV�GH�WUDEDOKR�H�GH�VDOiULR´�

0DULD�$SDUHFLGD�$ONLPLQ�� FRQFHLWXD�DVVpGLR�PRUDO�FRPR�

8P�IDWR�VRFLDO�TXH�RFRUUH�QR�PHLR�VRFLDO��IDPLOLDU��HVWXGDQWLO�H��PDLV�LQWHQVDPHQWH�� QR� DPELHQWH� GH� WUDEDOKR�� DEUDQJHQGR� WDQWR� R� VHWRU�SULYDGR�FRPR�D�DGPLQLVWUDomR�S~EOLFD��H��HPERUD�QD�DWXDOLGDGH�WHQKD�DWUDtGR� HVWXGRV� QR� FDPSR� GD� 3VLFRORJLD�� 6RFLRORJLD�� 0HGLFLQD� GR�7UDEDOKR� H� GR� 'LUHLWR�� WHP� RULJHP� KLVWyULFD� QD� RUJDQL]DomR� GR�WUDEDOKR��WHQGR�HP�YLVWD�D�UHODomR�GRPtQLR�VXEPLVVmR�HQWUH�FDSLWDO�H�IRUoD�GH�WUDEDOKR�

(�DLQGD��D�DXWRUD�WUDWD�R�DVVpGLR�PRUDO�FRPR�VLQ{QLPR�GH�DJUHVVmR�SVLFROyJLFD� H� DILUPD� TXH� HP� QRVVR� RUGHQDPHQWR� MXUtGLFR� H� QR� GLUHLWR�� QmR� H[LVWH�SUHYLVmR� HVSHFtILFD� VREUH� R� FRQFHLWR� GH� DVVpGLR� PRUDO�� $� DXWRUD� EXVFD� VXD�FRQFHLWXDomR� QD� iUHD� GD� SVLFRORJLD� ³SRUTXH� R� IHQ{PHQR� IRL� SUHFHGHQWHPHQWH�HVWXGDGR�SHOD�SVLFRORJLD�GR�WUDEDOKR �́��

$QGUp� /XL]� GH� 6RX]D� $JXLDU�� FRPHQWD� HP� VHX� OLYUR� LQWLWXODGR�³$VVpGLR�0RUDO��R�GLUHLWR�j�LQGHQL]DomR�SHORV�PDXV�WUDWRV�H�KXPLOKDo}HV�VRIULGRV�QR�DPELHQWH� GR� WUDEDOKR´�� TXH� ³XP�GRV�SULPHLURV� WUDEDOKRV� VREUH�R�DVVpGLR�PRUDO� IRL�

�� )(55$5,��������S������ $/.,0,1��������S������ ,G��,ELG��S������ $*8,$5�� $QGUp� /XL]� GH� 6RX]D�� $VVpGLR� PRUDO�� R� GLUHLWR� j� LQGHQL]DomR� SHORV� PDXV�WUDWRV� H�KXPLOKDo}HV�VRIULGRV�QR�DPELHQWH�GR�WUDEDOKR��6mR�3DXOR��/WU��������S�����

Page 47: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

UHDOL]DGR� SRU� 0DULH�)UDQFH� +LULJR\HQ�� SVLTXLDWUD�� SVLFDQDOLVWD� H� SVLFRWHUDSHXWD� GH�IDPtOLD��HP�������QD�)UDQoD��SXEOLFDGR�VRE�R�WtWXOR�/H�KDUFpOHPHQW�PRUDO��OD�YLROHQFH�SHUYHUVH�DX�TXRWLGLHQ��HG��6\URV´�

2�DXWRU�� GHILQH�DVVpGLR�PRUDO�FRPR�

2V� PDXV�WUDWRV� DSOLFDGRV� DRV� LQGLYtGXRV� QDV� RUJDQL]Do}HV��GHULYDGRV� GH� XPD� OyJLFD� SHUYHUVD� QD� UHODomR� GH� SRGHU� H[LVWHQWH�QHVVHV� ORFDLV�� PDQLIHVWDGD� FRPR� SURGXWR� GDV� UHODo}HV� DXWRULWiULDV�VRE�DV�PDLV�GLYHUVDV�IRUPDV�GH�SHUVHJXLo}HV�H�DWULWRV�HQWUH�FKHIHV�H�VXERUGLQDGRV��RX�DWp�HQWUH�FROHJDV�GD�PHVPD�KLHUDUTXLD� IXQFLRQDO��FRQILJXUDQGR�VH� FRPR� XP� IHQ{PHQR� GHVWUXLGRU� GD� FRQYLYrQFLD�SDFtILFD�� GD� FRH[LVWrQFLD� KDUP{QLFD� H� SURGXWLYD� GRV� LQGLYtGXRV� QR�DPELHQWH�GH�WUDEDOKR�

6RX]D�$JXLDU�� FRPHQWD� TXH� D� DXWRUD� IUDQFHVD�+LULJR\HQ� HODERURX�XP� TXHVWLRQiULR� GH� SHVTXLVD� VREUH� R� WHPD� H� HQFDPLQKRX�R� SDUD� ���� YtWLPDV� GH�GLYHUVRV�SDtVHV��REWHQGR�����UHVSRVWDV�DSURYHLWiYHLV��FXMD�DQiOLVH�SHUPLWLX�FKHJDU�D�DOJXQV�LQGLFDGRUHV��FRPR�SRU�H[HPSOR�

D������VmR�PXOKHUHV������KRPHQV��E��D� IDL[D�HWiULD�HQWUH����H����DQRV�SRVVXL�R�PDLRU�Q~PHUR�GH�SHVVRDV�DWLQJLGDV�FRP�R�SHUFHQWXDO�GH������F��R�DWDTXH�SURYHQLHQWH�GD�KLHUDUTXLD�UHVSRQGH�SRU�����GRV�FDVRV��SUDWLFDGR�SRU�GLYHUVDV�SHVVRDV�����GRV�FDVRV��SRU�FROHJDV�GD� PHVPD� KLHUDUTXLD� ���� GRV� FDVRV�� H� SRU� VXERUGLQDGR� ��� GRV�FDVRV�� G�� ��� GDV� SHVVRDV� WLYHUDP� LQWHUUXSomR� GR� WUDEDOKR� SRU�DIDVWDPHQWR� SDUD� WUDWDPHQWR� GH� VD~GH�� H�� HP� ���� GRV� FDVRV�� R�DVVpGLR� p� VHJXLGR� GH� VDtGD� GR� HPSUHJDGR� GD� RUJDQL]DomR�� I�� R�DVVpGLR�PRUDO� RFRUUH� HP�PDLRU� LQFLGrQFLD� QRV�HPSUHJDGRV� ORWDGRV�HP� iUHD� GH� JHVWmR�� FRQWDELOLGDGH� H� IXQo}HV� DGPLQLVWUDWLYDV�� FRP����� GRV� FDVRV�� (� DLQGD� FRPHQWD� TXH�� R� DVVpGLR�PRUDO�� FRQIRUPH�+LULJR\HQ�� QmR� VH� UHVWULQJH� D� FDVRV� SRQWXDLV�� H� VLP� D� XP�FRPSRUWDPHQWR�SHUPDQHQWH��FRPXP��GHVWUXWLYR��GLVWDQFLDGR�GDTXHOH�IDWR�LVRODGR�± GLVFXVVmR�RX�DWULWR�± TXH�RFDVLRQDOPHQWH�RFRUUH�HQWUH�RV�LQGLYtGXRV�HP�XPD�RUJDQL]DomR�

$ONLPLQ�� DSRQWD� D� FRQFHLWXDomR� GH� DVVpGLR� PRUDO� SHOD� SVLFyORJD�0DULH�)UDQFH� +LULJR\HQ� FRPR� VHQGR�� ³WRGD� H� TXDOTXHU� FRQGXWD� DEXVLYD� �JHVWR��SDODYUD��FRPSRUWDPHQWR��DWLWXGH�����TXH�DWHQWH��SRU�VXD�UHSHWLomR�RX�VLVWHPDWL]DomR���� $*8,$5��������S������ ,G��,ELG���S������ $/.,0,1��������S����

Page 48: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

FRQWUD�D�GLJQLGDGH�RX�LQWHJULGDGH�SVtTXLFD�RX�ItVLFD�GH�XPD�SHVVRD��DPHDoDQGR�VHX�HPSUHJR�RX�GHJUDGDQGR�R�FOLPD�GH�WUDEDOKR´�

3DUD�0DQRHO� -RUJH�H�6LOYD�1HWR�� ³WUDEDOKDGRU� p� SDL��PmH��PDULGR��HVSRVD��VLQGLFDOLVWD��HVSRUWLVWD��DUWLVWD��WRUFHGRU�GH�IXWHERO��H�QmR�DSHQDV�HPSUHJDGR�GD�HPSUHVD´�

(�R�DXWRU�FRPHQWD�TXH��

$�DWXDO� WHQGrQFLD�GH� LQVHULU�R�HPSUHJDGR�GH� WDO�PRGR�DR�DPELHQWH�HPSUHVDULDO�TXH�R� LPSHoD�GH�PDQLIHVWDU�RV�RXWURV�GRPtQLRV�GH�VXD�H[LVWrQFLD� DFDUUHWD�� LQGLVFXWLYHOPHQWH�� VpULRV� GDQRV� j� VXD� VD~GH�PHQWDO��SRUTXH��DFRVVDGR�SHOD�QHFHVVLGDGH�GH�VREUHYLYrQFLD��Mi�QmR�VDEH�DR�FHUWR�R�TXH�UHSUHVHQWD�FRPR�SHVVRD��VDEH�DSHQDV�± H�PXLWR�EHP� ± DV� REULJDo}HV� H� GLUHLWRV� GHFRUUHQWHV� GD� FRQGLomR� GH�WUDEDOKDGRU�

6HJXQGR� R� VXHFR� +HLQ]� 0�� /H\PDQQ� �DSXG� +,5,*2<(1�����SVLFyORJR�GR�WUDEDOKR�

$VVpGLR� PRUDO� WDPEpP� FRQKHFLGR� FRPR� WHUURULVPR� SVLFROyJLFR� RX�µSVLFRWHUURU¶��p�XPD�IRUPD�GH�YLROrQFLD�SVtTXLFD�SUDWLFDGD�QR�ORFDO�GH�WUDEDOKR�� H� TXH� FRQVLVWH� QD� SUiWLFD� GH� DWRV�� JHVWRV�� SDODYUDV� H�FRPSRUWDPHQWRV� YH[DWyULRV�� KXPLOKDQWHV�� GHJUDGDQWHV� H�FRQVWUDQJHGRUHV�� GH� IRUPD� VLVWHPiWLFD� H� SURORQJDGD�� FXMD� SUiWLFD�DVVHGLDQWH�SRGH� WHU�FRPR�VXMHLWR�DWLYR�R�HPSUHJDGRU�RX�R�VXSHULRU�KLHUiUTXLFR� �DVVpGLR� YHUWLFDO��� XP� FROHJD� GH� VHUYLoR� �DVVpGLR�KRUL]RQWDO��� RX� XP� VXERUGLQDGR� �DVVpGLR� DVFHQGHQWH��� FRP� FODUD�LQWHQomR�GLVFULPLQDWyULD�H�SHUVHJXLGRUD��YLVDQGR�HOLPLQDU�D�YtWLPD�GD�RUJDQL]DomR�GR�WUDEDOKR��

0DULD�$SDUHFLGD�$ONLPLQ�� HVFODUHFH�DLQGD�TXH�

$� H[SUHVVmR� DVVpGLR� GHULYD� GR� YHUER� DVVHGLDU� TXH� VLJQLILFD�µSHUVHJXLU� FRP� LQVLVWrQFLD���� LPSRUWXQDU�� PROHVWDU�� FRP� SUHWHQV}HV�LQVLVWHQWHV��DVVDOWDU� �������DR�SDVVR�TXH�D�H[SUHVVmR�PRUDO�SRGH�VHU�FRPSUHHQGLGD�HP�VHX�DVSHFWR� ILORVyILFR�� UHIHULQGR�VH�DR�DJLU� pWLFR��RX� VHMD� GH� DFRUGR� FRP� DV� UHJUDV� PRUDLV� RX� QRUPDV� HVFULWDV� TXH�

�� 6,/9$�1(72��0DQRHO�-RUJH��'LUHLWRV�IXQGDPHQWDLV�H�R�FRQWUDWR�GH�WUDEDOKR ��6mR�3DXOR��/75��������

�� +,5,*2<(1��0DULH�)UDQFH��$VVpGLR�PRUDO��D�YLROrQFLD�SHUYHUVD�QR�FRWLGLDQR��3DULV��6HXLO��������� $/.,0,1��������S����

Page 49: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

UHJXODP�D�FRQGXWD�QD�VRFLHGDGH��R�VHU�H�GHYHU�VHU��YLVDQGR�SUDWLFDU�R�EHP�H�HYLWDU�R�PDO�SDUD�R�SUy[LPR�

6HJXQGR� 0DUJDULGD� %DUUHWR�� PpGLFD� GR� WUDEDOKR� H� JLQHFRORJLVWD��DVVpGLR�PRUDO�QR�WUDEDOKR�p�

$� H[SRVLomR GRV� WUDEDOKDGRUHV� H� WUDEDOKDGRUDV� D� VLWXDo}HV�KXPLOKDQWHV�H�FRQVWUDQJHGRUDV�� UHSHWLWLYDV�H�SURORQJDGDV GXUDQWH�D�MRUQDGD� GH� WUDEDOKR� H� QR� H[HUFtFLR� GH� VXDV� IXQo}HV�� VHQGR� PDLV�FRPXQV�HP�UHODo}HV�KLHUiUTXLFDV�DXWRULWiULDV�H�DVVLPpWULFDV��HP�TXH�SUHGRPLQDP� FRQGXWDV� QHJDWLYDV�� UHODo}HV� GHVXPDQDV� H� pWLFDV� GH�ORQJD� GXUDomR�� GH� XP� RX� PDLV� FKHIHV� GLULJLGD D� XP� RX� PDLV�VXERUGLQDGR�V���GHVHVWDELOL]DQGR�D�UHODomR�GD�YtWLPD�FRP�R�DPELHQWH�GH�WUDEDOKR�H�D�RUJDQL]DomR��IRUoDQGR�R�D�GHVLVWLU GR�HPSUHJR���

+iGDVVD�'RORUHV�%RQLOKD�)HUUHLUD�� GHVWDFD�R� DVVpGLR�PRUDO� FRPR�³XP� SURFHVVR� FRPSRVWR� SRU� DWDTXHV� UHSHWLWLYRV TXH� VH� SURORQJDP� QR� WHPSR��SHUPHDQGR�SRU�DUWLItFLRV�SVLFROyJLFRV�TXH�DWLQJHP�D�GLJQLGDGH�GR�WUDEDOKDGRU´��

(�D�DXWRUD�GHILQH�R�DVVpGLR�PRUDO�D�SDUWLU�GRV�FRPSRUWDPHQWRV�TXH�R� FDUDFWHUL]DP�� DFUHVFHQWDQGR� TXH� HVVH� SURFHVVR� VH� PDQLIHVWD�SRU PHLR� GH�³KXPLOKDo}HV� YHUEDLV�� SVLFROyJLFDV�� S~EOLFDV�� WDLV� FRPR� R� LVRODPHQWR�� D� QmR�FRPXQLFDomR� RX� D� FRPXQLFDomR� KRVWLO�� R� TXH� DFDUUHWD� VRIULPHQWR� DR� WUDEDOKDGRU��UHIOHWLQGR�VH�QD�SHUGD�GH�VXD�VD~GH�ItVLFD�H�SVLFROyJLFD´�

$VVpGLR�PRUDO��SRUWDQWR� SDUD�D�PDLRULD�GRV�GRXWULQDGRUHV�SRGH�VHU�FRQVLGHUDGR� FRPR� D� H[SRVLomR� GR� WUDEDOKDGRU� D� VLWXDo}HV� KXPLOKDQWHV� H�FRQVWUDQJHGRUDV�� UHSHWLWLYDV� H� SURORQJDGDV� GXUDQWH� D� MRUQDGD� GH� WUDEDOKR� H� QR�H[HUFtFLR� GH� VXDV� IXQo}HV�� VHQGR� PDLV� FRPXQV� HP� UHODo}HV� KLHUiUTXLFDV��FRPSUHHQGLGDV�D�UHODo}HV�GH�WUDEDOKR�HQWUH�R�HPSUHJDGRU�H�R HPSUHJDGR��RX�HQWUH�XP� HPSUHJDGR� HP� JUDX� KLHUiUTXLFR� VXSHULRU� DR� WUDEDOKDGRU� YtWLPD�� RX� DWp� HQWUH�WUDEDOKDGRUHV� QR� PHVPR� QtYHO� IXQFLRQDO�� WRUQDQGR� D� UHODomR� GD� YtWLPD� FRP� R�DPELHQWH� GH� WUDEDOKR� H� D� RUJDQL]DomR� LQVXSRUWiYHO�� IRUoDQGR�R� DWp� D� GHVLVWLU� GR�HPSUHJR�

�� %$55(72��0DUJDULGD�0DULD�6LOYHLUD��9LROrQFLD�� VD~GH�� WUDEDOKR� XPD� MRUQDGD�GH�KXPLOKDo}HV�6mR�3DXOR��('8&�������

�� )(55(,5$�� +iGDVVD� 'RORUHV� %RQLOKD�� $VVpGLR� PRUDO� QDV� UHODo}HV� GH� WUDEDOKR� &DPSLQDV��5XVVHOO�(GLWRUHV��������S����

Page 50: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

��� &$5$&7(5,=$d­2��(63e&,(6�(�68-(,726�'2�$66e',2�025$/

0DULD� DSDUHFLGD� $ONLPLQ�� HQXPHUD� RV� VHJXLQWHV� HOHPHQWRV� FRPR�FDUDFWHUL]DGRUHV�GR�DVVpGLR�PRUDO�

D�� 6XMHLWRV�� VXMHLWR� DWLYR� �DVVHGLDGRU�� ± HPSUHJDGR� RX� TXDOTXHU�VXSHULRU� KLHUiUTXLFR�� FROHJD� GH� VHUYLoR� RX� VXERUGLQDGR� HP� UHODomR�DR� VXSHULRU� KLHUiUTXLFR�� VXMHLWR� SDVVLYR� �YtWLPD�DVVHGLDGR��HPSUHJDGR�RX�VXSHULRU�KLHUiUTXLFR�QR�FDVR�GH�DVVpGLR�SUDWLFDGR�SRU�VXERUGLQDGR�� E�� &RQGXWD�� FRPSRUWDPHQWR� H� DWRV� DWHQWDWyULRV� DRV�GLUHLWRV� GH� SHUVRQDOLGDGH�� F�� 5HLWHUDomR� H� VLVWHPDWL]DomR�G��&RQVFLrQFLD�GR�DJHQWH�

$VVLP��WHPRV�FRPR�VXMHLWRV�R�DJUHVVRU�H�R�DVVHGLDGR��QD�YHUGDGH�R�DOYR�GR�DVVpGLR�PRUDO�p�D�SHVVRD�KXPDQD��H�R� LQWHUHVVH�HP�SUHMXGLFi�OD�SRU�SDUWH�GR�DJUHVVRU�

2�DJUHVVRU�SRGH�VHU�TXDOTXHU�DJHQWH�GD�UHODomR�HPSUHJDWtFLD��FRPR�R�VXSHULRU�KLHUiUTXLFR��R�FKHIH��GLUHWRU�GD�HPSUHVD��JHUHQWH�RX�DWp�PHVPR�R�FROHJD�GH� WUDEDOKR� H� HP� UDUDV� VLWXDo}HV�� R� VXERUGLQDGR�� 7HP� FRPR� SULQFLSDO� DJHQWH� R�HPSUHJDGRU��DTXHOH�MXULGLFDPHQWH�GHILQLGR�QR�SULPHLUR�FDStWXOR�GR�SUHVHQWH�WUDEDOKR��

+LULJR\HQ�� GHQRPLQD� RV� DJUHVVRUHV� FRPR� SHUYHUVRV� QD]LVWDV� H�PHQFLRQD� DOJXPDV� PDQLIHVWDo}HV� FRPSRUWDPHQWDLV� TXH� SRGHP� FDUDFWHUL]DU� XPD�SHUVRQDOLGDGH�QD]LVWD��SRUpP�D�PDLRULD�GRV�GRXWULQDGRUHV�HVWXGDGRV�QmR�VH�XWLOL]D�GHVVH�WHUPR�SDUD�VH�UHIHULUHP�DR�DJUHVVRU��9HMD�VH�R�FRPHQWiULR�GD�SHVTXLVDGRUD�

$�SHUVRQDOLGDGH�QDUFtVLFD�p�GHVFULWD�FRPR�VH�VHJXH��RX�DSUHVHQWD��SHOR�PHQRV�� FLQFR� GDV� VHJXLQWHV�PDQLIHVWDo}HV��� R� VXMHLWR� WHP�XP�VHQVR�JUDQGLRVR�GD�SUySULD�LPSRUWkQFLD��p�DEVRUYLGR�SRU IDQWDVLDV�GH�VXFHVVR� LOLPLWDGR�� GH� SRGHU�� DFUHGLWD� VHU� ³HVSHFLDO´� � VLQJXODU�� WHP�H[FHVVLYD� QHFHVVLGDGH� GH� VHU� DGPLUDGR�� SHQVD� TXH� WXGR� OKH� p�GHYLGR��H[SORUD�R�RXWUR�QDV�UHODo}HV�LQWHUSHVVRDLV��QmR�WHP�D�PHQRU�HPSDWLD�� LQYHMD� PXLWDV� YH]HV� RV� RXWURV�� Gi� SURYDV� GH� DWLWXGHV� H�FRPSRUWDPHQWRV�DUURJDQWHV�

�� $/.,0,1��������S������ +,5,*2<(1�� 0DULH�)UDQFH�� $VVpGLR� PRUDO� D� YLROrQFLD� SHUYHUVD� GR� FRWLGLDQR�� ��HG�� 5LR� GH�-DQHLUR��%HUWUDQG�%UDVLO��������S�����

Page 51: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

6RX]D�$JXLDU�� FRPHQWD�HP�VXD�REUD�TXH��0DUJDULGD�%DUUHWR�UDWLILFD�R�SHQVDPHQWR�GD�SVLFyORJD�+LULJR\HQ��TXDQGR�DILUPD�

2V�DJUHVVRUHV�VmR��KRPHQV�H�PXOKHUHV��PHGLDGRUHV�GDV�SROtWLFDV�H�GHWHQWRUHV�GH�XPD�FHUWD�DXWRULGDGH��(QTXDQWR�FKHIHV��GHYHP�VDEHU�FRPDQGDU�� UHWLUDQGR� GH� FDGD� XP� D� PDLRU� SURGXWLYLGDGH� SRVVtYHO��3UHVVLRQDGRV� SRU� XPD� HVWUXWXUD� EXURFUiWLFD� H� KLHUDUTXL]DGD��H[HUFHP� R� PDQGR� GH� IRUPD� DXWRULWiULD�� UHYHODQGR�VH� SHTXHQRV�GpVSRWDV�� LQGLIHUHQWHV�DR�VRIULPHQWR�H�GLILFXOGDGHV�DOKHLDV��8VDP�H�DEXVDP�GH�SUiWLFDV�DXWRULWiULDV��$PHGURQWDP��LQWLPLGDP��DPHDoDP�H�KXPLOKDP� VHP� SLHGDGH�� 6H� LQVHJXURV�� HVFRQGHP� VXD� IUDTXH]D��GLVVHPLQDQGR�WHUURU��IRIRFDV�H�PDOHGLFrQFLDV�

$OLFH�0RQWHLUR�GH�%DUURV�� VXVWHQWD�TXH�R�³REMHWLYR�GR�DVVHGLDGRU�p�VHPSUH�RSULPLU�R�PDLV�IUDFR��H�SRU�PHLR�GH�PHGR��JHUDU�REHGLrQFLD��VXD�PHWD��HP�JHUDO��p�R�SRGHU�HQTXDQWR�LQVWUXPHQWR�SDUD�GRPLQDU�H�FRQWURODU�R�RXWUR´�

6HJXQGR� $ONLPLQ���� R� HPSUHJDGRU� SRVVXL� SRGHUHV�� TXH� SRU� YH]HV�VmR�WUDGX]LGRV�HP�DWRV�TXH�SRGHP�MXVWLILFDU�R�DVVpGLR�PRUDO�H��TXH�HVVHV�SRGHUHV�DEUDQJHP�DOpP�GD�GLUHomR�

D�� R� SRGHU� GH� RUJDQL]DomR�� SHOR� TXDO� R� HPSUHJDGRU� RUJDQL]D� R�REMHWLYR�HFRQ{PLFR�H�VRFLDO�GR�VHX�QHJyFLR��FULDQGR�RX�PRGLILFDQGR�QRUPDV�H�FRQGLo}HV�GH�WUDEDOKR��E��R�SRGHU�GH�FRQWUROH��FRP�R�TXDO�ILVFDOL]D� H� FRQWUROD� DV� DWLYLGDGHV� H� FRQGLo}HV� GH� WUDEDOKR�� H� F�� R�SRGHU� GLVFLSOLQDU�� DWUDYpV� GR� TXDO� LPS}H� DR� WUDQVJUHVVRU� D� VDQomR�GLVFLSOLQDU�GHVGH�XPD�VLPSOHV�DGYHUWrQFLD�DWp�D�GHPLVVmR�SRU� MXVWD�FDXVD� QRV� OLPLWHV� GR� UHVSHLWR� DRV� GLUHLWRV� GH� SHUVRQDOLGDGH� H�GLJQLGDGH�GD�SHVVRD�KXPDQD�GR�WUDEDOKDGRU�

+LULJR\HQ��� DOHUWD�TXH�³FHUWRV�DGPLQLVWUDGRUHV�TXH�QmR�GLVS}HP�GDV�FRPSHWrQFLDV�QHFHVViULDV�SDUD�JHULU�VHX�SHVVRDO��UHFRUUHP�D�PHGLGDV�SRXFR�pWLFDV�H�UHSURYiYHLV��FRPR�DV�TXH�QmR�PDQLIHVWDP�QHQKXPD�SUHRFXSDomR�FRPR�EHP�HVWDU�GRV�WUDEDOKDGRUHV��H�XWLOL]DP�PpWRGRV�GH�JHVWmR�SDUD�LQIXQGLU�PHGR´�

�� $*8,$5��������S������ %$5526�� $OLFH� 0RQWHLUR� GH�� $VVpGLR� PRUDO�� 5HSHUWyULR� GH� MXULVSUXGrQFLD� ,2%�� WUDEDOKLVWD� H�SUHYLGHQFLiULR��6mR�3DXOR��Y����Q������S��������VHW�������

�� $/.,0,1��������S������� +,5,*2<(1��������S�����

Page 52: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

2�DVVHGLDGR�p�R�WUDEDOKDGRU��SHVVRDV�YXOQHUiYHLV�SRU�WLPLGH]��LGDGH��QtYHO� IXQFLRQDO�� PXOKHUHV�� WUDEDOKDGRUHV� FRP�PDLV GH� �� DQRV�� SHVVRDV� TXH� WHP�UHOLJLmR�RX�RULHQWDomR�VH[XDO�GLIHUHQWH�GR�DJUHVVRU��SRUWDGRUHV�GH�GHILFLrQFLD�RX�GH�SUREOHPDV�GH�VD~GH��HQILP�WRGRV�RV�WUDEDOKDGRUHV�LQGLVWLQWDPHQWH�HVWmR�VXMHLWRV�DR�DVVpGLR�PRUDO�

/XL]�3LQKR�3HGUHLUD�GD�6LOYD��� FRPHQWD�TXH�

&DXVD� RXWUD� GH� GDQR� PRUDO� p� R� PREELQJ� QRYD� IDWWLVSHFLH TXH� R�GLUHLWR�PRGHUQR�HVWi�LQFRUSRUDQGR��2�YRFiEXOR��GH�RULJHP�LQJOHVD�H�GHULYDGR� GR� YHUER WR� PRE�� TXH� VLJQLILFD� PROHVWDU�� PDOWUDWDU�� 1D�)UDQoD�XVD�VH� WDPEpP�D� ORFXomR�KDUFpOHPHQW�PRUDO� H�QD�(VSDQKD�DFRVR� PRUDO�� TXH�� HP� SRUWXJXrV�� YHP� D� VHU� R� DVVpGLR� PRUDO�� 2�PREELQJ� Vy� UHFHQWHPHQWH� SHQHWURX� QRV� RUGHQDPHQWRV� MXUtGLFRV�FRPR�R�LWDOLDQR�H�R�IUDQFrV�H�R�QRUWH�DPHULFDQR��PDV�Mi�HUD�DFROKLGR�Ki� EDVWDQWH� WHPSR� QR� GLUHLWR� GRV� SDtVHV� GR� QRUWH� GD� (XURSD� H� QR�-DSmR��

+HLQ]� /H\PDQQ��� GHQRPLQRX� D� H[SUHVVmR� DVVpGLR� PRUDO� FRPR�ERVVLQJ RX�PHVPR�PREELQJ��'HQRPLQDQGR�DLQGD��FRPR�DVVpGLR�YHUWLFDO��D�XWLOL]DomR�GR� SRGHU� GH� FKHILD� SDUD� ILQV� GH� YHUGDGHLUR� DEXVR� GH� GLUHLWR� GR� SRGHU� GLUHWLYR� H�GLVFLSOLQDU�� EHP� FRPR� SDUD� HVTXLYDU�VH� GH� FRQVHT�rQFLDV� WUDEDOKLVWDV�� -i� R�IHQ{PHQR� SHUFHELGR� HQWUH� RV� SUySULRV� FROHJDV� GH� WUDEDOKR� TXH�� PRWLYDGRV� SHOD�LQYHMD�GR�WUDEDOKR�PXLWR�DSUHFLDGR�GR�RXWUR�FROHJD��R�TXDO�SRGH�YLU�D�UHFHEHU�XPD�SURPRomR��RX�DLQGD�SHOD�PHUD�GLVFULPLQDomR�PRWLYDGD�SRUIDWRUHV�UDFLDLV��SROtWLFRV��UHOLJLRVRV�� HWF�� VXEPHWHP�R� VXMHLWR� ³LQF{PRGR´� D� VLWXDo}HV�GH�KXPLOKDomR�SHUDQWH�FRPHQWiULRV� RIHQVLYRV�� ERDWRV� VREUH� VXD� YLGD� SHVVRDO�� DFXVDo}HV� TXH� SRGHP�GHQHJULU� VXD� LPDJHP�SHUDQWH�D� HPSUHVD�� VDERWDQGR� VHXV�SODQRV�GH� WUDEDOKR�� p�R�GHQRPLQDGR�SHOR�DXWRU�FRPR�DVVpGLR�KRUL]RQWDO����

��� 6,/9$�� /XL]� GH� 3LQKR� 3HGUHLUD� GD�� $� UHSDUDomR� GR� GDQR�PRUDO� QR� GLUHLWR� GR� WUDEDOKR �� 6mR�3DXOR��/WU��������S�����

��� 3VLFyORJR�H�FLHQWLVWD�PpGLFR�DOHPmR�TXH��QD�GpFDGD�GH�����FRPHoRX�D�HVWXGDU�R� IHQ{PHQR�GR�DVVpGLR�PRUDO�D�SDUWLU�GH�H[SHULrQFLDV�YHULILFDGDV�SRU�RXWURV�HVWXGLRVRV�HP�JUXSRV�GH�FULDQoDV�HP� LGDGH� HVFRODU� TXH� WLQKDP� FRPSRUWDPHQWRV� KRVWLV�� FXMDV� PDQLIHVWDo}HV� FRPHoDUDP� D� VHU�SHUFHELGDV��YLQWH�DQRV�GHSRLV��QR�DPELHQWH�GH�WUDEDOKR�

��� +(,1=�/(<0$11�FLWDGR�SRU�0(1(=(6��&OiXGLR�$UPDQGR�&RXFH�GH��$VVpGLR�PRUDO��5HYLVWD�GR�767��%UDVtOLD��')��Y�����Q����S������MXO��GH]�������

Page 53: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

+LULJR\HQ��DSXG�$*8,$5���� DSUHVHQWD�XPD�FODVVLILFDomR�GR�WLSR�GH�DVVpGLR�PRUDO�H[LVWHQWHV�QDV�RUJDQL]Do}HV��

2�DVVpGLR�YHUWLFDO�GHVFHQGHQWH ��SURYHQLHQWH�GR�FRPDQGR�KLHUiUTXLFR�FRPR�DEXVR�GH�SRGHU��R�DVVpGLR�KRUL]RQWDO ��DTXHOH�TXH�VXUJH�HQWUH�FROHJDV� GD� PHVPD� KLHUDUTXLD� IXQFLRQDO�� R� DVVpGLR� KRUL]RQWDO� H�YHUWLFDO� GHVFHQGHQWH �� R� FKDPDGR� PLVWR�� TXH� RFRUUH� HP� IXQomR� GD�RPLVVmR�GR�VXSHULRU�KLHUiUTXLFR�GLDQWH�GH�XPD�DJUHVVmR��R�DVVpGLR�DVFHQGHQWH��FDVR�UDUR��SUHVHQWH�TXDQGR�R�SRGHU��SRU�DOJXPD�UD]mR��QmR�HVWi�FRP�R�FRPDQGR�VXSHULRU�

$ONLPLQ� DSRQWD� D� FODVVLILFDomR� GH� DVVpGLR� PRUDO� QDV� VHJXLQWHV�HVSpFLHV��YHUWLFDO�GHVFHQGHQWH��KRUL]RQWDO�VLPSOHV�RX�FROHWLYR�H�YHUWLFDO�DVFHQGHQWH��9HMD�VH�D�GHQRPLQDomR�GD�SHVTXLVDGRUD�

3RU�DVVpGLR�PRUDO�YHUWLFDO�GHVFHQGHQWH�$ONLPLQ��� FRPHQWD�³p�DTXHOH�SURYHQLHQWH� GR� HPSUHJDGRU�� FRPSUHHQGLGR� QD� H[SUHVVmR� H� HPSUHJDGRU�SURSULDPHQWH� GLWR�� EHP�FRPR�TXDOTXHU� RXWUR� VXSHULRU� KLHUiUTXLFR� �GLUHWRU�� JHUHQWH��DVVHVVRU��FKHIH��VXSHUYLVRU�HWF���TXH�UHFHED�D�GHOHJDomR�GR�SRGHU�GH�FRPDQGR´�

3DUD� D� DXWRUD�� DVVpGLR� PRUDO� KRUL]RQWDO� ³p� DTXHOH� FRPHWLGR� SRU�FROHJD�GH�VHUYLoR´��SRGHQGR�VHU�UHVXOWDQWH�GRV�VHJXLQWHV�IDWRUHV�

D��FRQIOLWRV� LQWHUSHVVRDLV�TXH�SURYRFDP�GLILFXOGDGHV�GH�FRQYLYrQFLD�SRU� TXDOTXHU� PRWLYR� SHVVRDO� �DWULEXWRV� SHVVRDLV�� SURILVVLRQDLV��FDSDFLGDGH�� GLILFXOGDGH� GH� UHODFLRQDPHQWR�� IDOWD� GH� FRRSHUDomR��GHVWDTXH� MXQWR� j� FKHILD�� GLVFULPLQDomR� VH[XDO� HWF���� E��FRPSHWLWLYLGDGH�ULYDOLGDGH� SDUD� DOFDQoDU� GHVWDTXH�� PDQWHU�VH� QR�FDUJR�RX�GLVSXWDU�FDUJR��RX�SDUD�REWHU�SURPRomR��

(� FRQFOXL� D� SHVTXLVDGRUD�� DVVpGLR� PRUDO� YHUWLFDO�DVFHQGHQWH� ³p� R�WtSLFR� FDVR� GH� DVVpGLR� PRUDO� TXH� SDUWH� GH� XP� RX� YiULRV� VXERUGLQDGRV� FRQWUD� R�VXSHULRU�KLHUiUTXLFR´�

(�FRPSOHPHQWD�D�DXWRUD��� ³HVVH�WLSR�GH�DVVpGLR�SRGH�VHU�SUDWLFDGR�FRQWUD� R� VXSHULRU� TXH� VH� H[FHGH� QRV� SRGHUHV� GH� PDQGR� H� TXH� DGRWD� SRVWXUDV�

��� $*8,$5��������S������� $/.,0,1������� S������� ,G��,ELG���S����

Page 54: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

DXWRULWiULDV�H�DUURJDQWHV��QR� LQWXLWR�GH�HVWLPXODU�D� FRPSHWLWLYLGDGH�H� ULYDOLGDGH��RX�DWp�PHVPR�SRU�FRPHWHU�DWRV�GH�LQJHUrQFLD�SHOR�XVR�DEXVLYR�GR�SRGHU�GH�PDQGR´�

-RUJH�/XL]�GH�2OLYHLUD�GD�6LOYD��� FRPHQWD�TXH��³GH�XPD�IRUPD�RX�GH�RXWUD�� TXDOTXHU� TXH� VHMD� R� SHUILO� GR� DVVHGLDGRU�� WXGR� FRQYHUJH� SDUD� XPD�PHVPD�FRQVWDWDomR��p�HOH�XP�IUDFR��SRUTXH�GHPRQVWURX�VHU�LQFDSD]�GH�FRQVWUXLU�VXD�SUySULD�IHOLFLGDGH��GHL[DQGR�GH�SUDWLFDU�DWLWXGHV�TXH�R�FRQGX]LULDP�j�FRQTXLVWD�GR�EHP´�

$OLFH� 0RQWHLUR� GH� %DUURV����� QR� VHX� OLYUR� LQWLWXODGR� ³3URWHomR� j�,QWLPLGDGH�GR�(PSUHJDGR´��FRPHQWD�TXH�

1mR� p� R� IDWR� GH� XP� HPSUHJDGR� HQFRQWUDU�VH� VXERUGLQDGR� DR�HPSUHJDGRU�RX�GH�WHU�HVWH�~OWLPR�R�SRGHU�GLUHWLYR�TXH�LUi� MXVWLILFDU�D�LQHILFiFLD� GD� WXWHOD� j� LQWLPLGDGH� QR� ORFDO� GH� WUDEDOKR�� GR� FRQWUiULR��KDYHULD� GHJHQHUDomR� GD� VXERUGLQDomR� MXUtGLFD� HP� XP� HVWDGR� GH�VXMHLomR�GR�HPSUHJDGR��2�FRQWUDWR�GH�WUDEDOKR�QmR�SRGHUi�FRQVWLWXLU�µXP� WtWXOR� OHJLWLPDGRU� GH� UHFRUWHV� QR� H[HUFtFLR� GRV� GLUHLWRV�IXQGDPHQWDLV¶�DVVHJXUDGR�DR�HPSUHJDGR�FRPR�FLGDGmR�

5RVD��DSXG�$*8,$5���� DILUPD�TXH�R�³DVVpGLR�PRUDO�VH�ID]�SUHVHQWH�QRV� UHODFLRQDPHQWRV� RQGH� H[LVWH� D� KLHUDUTXLD� GH� SRGHU�� RX� PHOKRU�� HP� TXDOTXHU�UHODFLRQDPHQWR� HP� TXH� QmR� Ki� UHVSHLWR� SHORV�GLUHLWRV� GRV� RXWURV�± HP� JHUDO�� GR�VXERUGLQDGR´�

([LVWHP�YiULDV�VLWXDo}HV�TXH�SRGHP�HQVHMDU�R�DVVpGLR�PRUDO�FRPR��WUDWDU�FRP�ULJRU�H[FHVVLYR��RUGHQDU�WDUHIDV�LPSRVVtYHLV��VREUHFDUUHJi�OR�FRP�WDUHIDV�GHVSUH]DGDV�� UHEDL[DPHQWR� IXQFLRQDO�� LQYDVmR�GD�SULYDFLGDGH��PXGDU�VXD�PHVD�GH�WUDEDOKR� SDUD� RXWUR� GH� SUHFiULDV� LQVWDODo}HV�� FRPR� GHSyVLWR�� JDUDJHQV�� HWF�� $V�KLSyWHVHV�GH�PDQLIHVWDomR�GR�DVVpGLR�PRUDO�VHUmR�DERUGDGDV�HP�FDStWXOR�SUySULR�

$�)UDQoD�IRL�R�SDtV�SLRQHLUR�D�LQVWLWXLU�XPD�OHL�SURSULDPHQWH�GLWD�HP�VHX� RUGHQDPHQWR� MXUtGLFR� QD� EXVFD� GH� FRLELU� R� DVVpGLR� PRUDO� GHQRPLQDGR�KDUFqOHPHQW�PRUDO�

��� 6,/9$�� -RUJH�/XL]� GH�2OLYHLUD� GD�� eWLFD�H� DVVpGLR�PRUDO�� XPD�YLVmR� ILORVyILFD� 'LVSRQtYHO� HP���KWWS���ZZZ�VRFLRORJLD�RUJ�EU�WH[�SVFO��LEHV�KWP!��$FHVVR�HP�����RXW� �����

��� %$5526��$OLFH�0RQWHLUR�GH��3URWHomR�j�LQWLPLGDGH�GR�HPSUHJDGR� 6mR�3DXOR��/WU��������S�������� $*8,$5��������S����

Page 55: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

6{QLD� 0DVFDUR� 1DVFLPHQWR����� HP� VHX� DUWLJR�2� DVVpGLR� PRUDO� QR�DPELHQWH�GR�WUDEDOKR��FRPHQWD�TXH�

2�DVVpGLR�PRUDO��RX�DLQGD��D�PDQLSXODomR�SHUYHUVD��RX�R�WHUURULVPR�SVLFROyJLFR��FDUDFWHUL]D�VH�SHOD�FRQGXWD�DEXVLYD��GH�IRUPD�UHSHWLWLYD�H�SURORQJDGD��GH�QDWXUH]D�SVLFROyJLFD��GXUDQWH�D�MRUQDGD�GH�WUDEDOKR�GR� WUDEDOKDGRU� H� QR� H[HUFtFLR� GDV� VXDV� IXQo}HV�� FDSD]� GH� FDXVDU�RIHQVD� j� VXD� SHUVRQDOLGDGH�� GLJQLGDGH�� RX� LQWHJULGDGH� SVtTXLFD��H[SRQGR�R�D�VLWXDo}HV�KXPLOKDQWHV�H�FRQVWUDQJHGRUDV��SUHMXGLFDQGR�D�VXD�SRVLomR�QR�HPSUHJR��RX�GHWHULRUDQGR�R�DPELHQWH�GH�WUDEDOKR�

(OHPHQWR� LPSRUWDQWH� SDUD� D� FDUDFWHUL]DomR� GR� DVVpGLR� PRUDO� p� D�QHFHVVLGDGH� GD�H[LVWrQFLD� GR�GDQR� SVLFROyJLFR�� $VVLP�� R�GDQR� SVLFROyJLFR� VRIULGR�SHOR� WUDEDOKDGRU�Ki�GH�VHU�FRPSURYDGR��DWUDYpV�GH�SHUtFLD�PpGLFD��SDUD�TXH� UHVWH�FRQILJXUDGD�D�H[LVWrQFLD�GR�DVVpGLR�PRUDO��H�FRQVHT�HQWHPHQWH�D�FRQILJXUDomR�GR�GDQR�PRUDO�� TXH� SRGHUi� HQVHMDU� D� YtWLPD� R� GLUHLWR� j� LQGHQL]DomR�PRUDO� SHOR� GDQR�VRIULGR�

2XWUR�HOHPHQWR�HVVHQFLDO�SDUD�D�FDUDFWHUL]DomR�GR�DVVpGLR�PRUDO�QR�DPELHQWH� GH� WUDEDOKR� p� D�UHLWHUDomR� GD� FRQGXWD� RIHQVLYD� RX� KXPLOKDQWH�� XPD� YH]�TXH�� VHQGR� HVWH� IHQ{PHQR� GH� QDWXUH]D� SVLFROyJLFD�� p� UHPRWD� D� SRVVLELOLGDGH� GH�DSHQDV� XP� DWR�HVSRUiGLFR� VHU� FDSD]� GH� WUD]HU� OHV}HV� SVtTXLFDV� j� YtWLPD�� 1HVVH�VHQWLGR��LQFOXVLYH�� Mi�VH�SRVLFLRQRX�R�7ULEXQDO�5HJLRQDO�GR�7UDEDOKR�GD������5HJLmR��(VStULWR�6DQWR��

$� KXPLOKDomR� UHSHWLWLYD� H� GH� ORQJD� GXUDomR� LQWHUIHUH� QD� YLGD� GR�DVVHGLDGR� GH� PRGR� GLUHWR� FRPSURPHWHQGR� VXD� LGHQWLGDGH��GLJQLGDGH�H�UHODo}HV�DIHWLYDV�H�VRFLDLV��RFDVLRQDQGR�JUDYHV�GDQRV�j�VD~GH� ItVLFD� H� PHQWDO�� TXH� SRGHP� HYROXLU� SDUD� D� LQFDSDFLGDGH�ODERUDWLYD�� GHVHPSUHJR� RX� PHVPR� D� PRUWH�� FRQVWLWXLQGR� XP� ULVFR�LQYLVtYHO�� SRUpP� FRQFUHWR�� QDV� UHODo}HV� H� FRQGLo}HV� GH� WUDEDOKR��$FyUGmR�������������'2(�������������

0DULD�$SDUHFLGD�$ONLPLQ�����FRPHQWD�TXH�

��� 1$6&,0(172��6{QLD�$��&��0DVFDUR��2�DVVpGLR�PRUDO�QR�DPELHQWH�GR�WUDEDOKR��-XV�1DYLJDQGL��7HUHVLQD�� DQR� ��� Q������ ��� MXO�� ������ 'LVSRQtYHO� HP�� �KWWS���MXV��XRO�FRP�EU�GRXWULQD�WH[WR�DVS"�LG ����!��$FHVVR�HP�����GH]�������

��� $/.,0,1��������S����

Page 56: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

3DUD� TXH� D� FRQGXWD� GHJUDGDQWH� H� KXPLOKDQWH� VH� FDUDFWHUL]H� FRPR�DVVpGLR�PRUDO�� FDVXLVWLFDPHQWH�� QmR�SRGH� VH�DSUHVHQWDU� FRPR� IDWR�LVRODGR�� SRUWDQWR�� R� FRPSRUWDPHQWR�� JHVWRV�� SDODYUDV� H� DWRV�GLUHFLRQDGRV� FRQWUD� R� DVVHGLDGR� H� YLVDP� GHVHVWDELOL]i�OR�� DIHWDQGR�VXD�GLJQLGDGH�H�GLUHLWRV�GH�SHUVRQDOLGDGH��GHYHP�VHU�SUDWLFDGRV�GH�IRUPD�UHLWHUDGD�H�VLVWHPiWLFD��RX�VHMD��FRP�XPD�FHUWD�IUHT�rQFLD�

(�DLQGD�D�DXWRUD�FLWD�DV�SDODYUDV�GH�+HLQ]�/H\PDQQ��TXH�³R�DWDTXH�GHYH� RFRUUHU� SHOR�PHQRV� XPD� YH]� SRU� VHPDQD� H� QXPD� IUHT�rQFLD�PpGLD� GH� VHLV�PHVHV� GH� GXUDomR�� WHPSR� QHFHVViULR� SDUD� D� PDQLIHVWDomR� GD� VLQWRPDWRORJLD� GR�DVVpGLR��VHMD�QD�VD~GH��VHMD�QR�DPELHQWH�GH�WUDEDOKR�́

4XDQWR�j�GXUDomR�PpGLD�GR�DVVpGLR�PRUDO��0DU\�)UDQFH�+LULJR\HQ��DSXG�$/.,0,1���� DSUHVHQWD�RV�VHJXLQWHV�GDGRV�HVWDWtVWLFRV��³DVVpGLR�VXSHULRU�D��PHVHV�� ������ DVVpGLR� GH� ��PHVHV� D� �� DQR�� ����� DVVpGLR� GH� �� D� �� DQRV�� ����H�DVVpGLR�VXSHULRU�D���DQRV�������´�

3RUWDQWR�� DV� FRQGXWDV� YHUEDLV� RX� ItVLFDV� SRQWXDLV�� QmR� VmR�VXILFLHQWHV� SDUD� FDUDFWHUL]DU� R� DVVpGLR� PRUDO�� SRUTXH� OKHV� IDOWD� R� UHTXLVLWR� GD�KDELWXDOLGDGH��

(PERUD� D� SVLFyORJD� 0DU\�)UDQFH� +LULJR\HQ� �DSXG� $/.,0,1����DSUHVHQWH� XPD� WDEHOD� GH� ODSVR� WHPSRUDO�� DLQGD� D� DXWRUD� DGYHUWH� TXH� SDUD� D�FRQILJXUDomR�GD�DJUHVVmR�PRUDO�QmR�p�QHFHVViULR�HVSHUDU�R�GHFXUVR�GH�XP�SUD]R�PtQLPR� FRQVLGHUiYHO� �GH� VHLV� PHVHV��� ³SRLV� XPD� DJUHVVmR� LVRODGD�� PDV�H[WUHPDPHQWH�KXPLOKDQWH��GHVTXDOLILFDQWH��LQMXULRVD��p�DSWD�SHOD�JUDYLGDGH�D�FDXVDU�RV�HIHLWRV�GR�DVVpGLR�PRUDO´�

3DUD�D�SVLFyORJD�IUDQFHVD�+LULJR\HQ��DSXG�$*8,$5������RV�VLQDLV�GR�DVVpGLR�PRUDO ³HVWmR�SHUPDQHQWHPHQWH�SUHVHQWHV��HP�SHTXHQRV� WRTXHV�� WRGRV�RV�GLDV�RX�PXLWDV�YH]HV�SRU�VHPDQD��GXUDQWH�PHVHV�RX�DWp�DQRV��1mR�VmR�H[SUHVVRV�HP� WRP�GH� FyOHUD�� H� VLP� HP� WRP� JODFLDO�� GH� TXHP� HQXQFLD� XPD� YHUGDGH� RX� XPD�HYLGrQFLD´�

$ONLPLQ��� FRPHQWD� TXH�D� FRQGXWD� TXH� FDUDFWHUL]D� R� DVVpGLR�PRUDO�GHYH� VHU� SUDWLFDGD� SHOR� DJHQWH� GH� IRUPD� FRQVFLHQWH�� RX� VHMD�� ³FRPR� HVSpFLH� GR���� $/.,0,1��������S������� ,G��,ELG���S������� $*8,$5��������S�������� ,G��,ELG���S����

Page 57: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

JrQHUR� DWR� LOtFLWR�� GHYH� VHU� LQWHQFLRQDO� RX� SUHYLVtYHO� VHX� HIHLWR� GDQRVR� VREUH� R�DPELHQWH�GH�WUDEDOKR�H�VREUH�D�LQWHJULGDGH�SVLFRItVLFD�GD�YtWLPD´�

6{QLD 0DVFDUR 1DVFLPHQWR��� FRQFOXL� FRPR� HOHPHQWRV�FDUDFWHUL]DGRUHV�GR�DVVpGLR�PRUDO�

D�� D� H[LVWrQFLD� GR� GDQR� SVtTXLFR�� HPRFLRQDO�� RX� SVLFROyJLFR� p�UHTXLVLWR� SDUD� D� FRQILJXUDomR� GR� DVVpGLR� PRUDO� E�� p� QHFHVViULD� D�SURYD� WpFQLFD� GR� GDQR�� TXH� VH� GDULD� SRU� PHLR� GH� ODXGR� PpGLFR�DILUPDQGR� H[LVWLU� D� GRHQoD� DGYLQGD� GR� WUDEDOKR� F�� D� YtWLPD� GD�FRQGXWD�DVVHGLDGRUD�TXH�QmR�VRIUHU�HVVH�WLSR�HVSHFtILFR�GH�GDQR�QmR�ILFDUi� GHVSURWHJLGD�� SRLV� DLQGD� SRGHUi� SOHLWHDU� GDQRV� PRUDLV� SHOD�RIHQVD�DRV�VHXV�GLUHLWRV�GH�SHUVRQDOLGDGH�

$OLFH�0RQWHLUR�GH�%DUURV��� DSRQWD�R�SRVLFLRQDPHQWR�TXH�D�GRXWULQD�H�� VHJXQGR� HOD�� SDUWH� GD� MXULVSUXGrQFLD� EUDVLOHLUD� WHP� DGRWDGR�� OHYDQGR� HP� FRQWD�TXDWUR� HOHPHQWRV� FHQWUDLV� FRPR� LPSUHVFLQGtYHLV� DR� UHFRQKHFLPHQWR� GR� DVVpGLR�PRUDO�� D� VDEHU�� LQWHQVLGDGH� GD� YLROrQFLD� SVLFROyJLFD�� SURORQJDPHQWR� QR� WHPSR��ILQDOLGDGH�GHVWUXWLYD�H�GDQR�SVtTXLFR��9HMD�VH�FDGD�XP�GHOHV�

D� D� LQWHQVLGDGH� GD� YLROrQFLD� SVLFROyJLFD�� D� YLROrQFLD� WHP� GH� VHU�JUDYH��H�HVVD�JUDYLGDGH�GHYH�VHU�DYDOLDGD�VRE�D�yWLFD�RX�VRE�D�FRQFHSomR�REMHWLYD�GH�XPD�SHVVRD�FRPXP��DR�KRPHP�PpGLR�H�QmR�DR�GD�YtWLPD�TXH��VHJXQGR�D�DXWRUD�³SRGHUi�YLYHU�FRP�PXLWD�DQVLHGDGH� VLWXDo}HV� TXH� REMHWLYDPHQWH� QmR� SRVVXHP� D�JUDYLGDGH�FDSD]�GH�MXVWLILFDU�HVVH�HVWDGR�GH�DOPD´�

E� R�SURORQJDPHQWR�QR�WHPSR��D�PDLRULD�GRV�GRXWULQDGRUHV�HQWHQGH�TXH�QmR�Ki�FRPR�PHQVXUDU�HVVD�TXDQWLGDGH�GH�WHPSR��6HJXQGR�$OLFH�0RQWHLUR�GH�%DUURV�����³DV�DJUHVV}HV�GHYHP�VHU�KDELWXDLV�H�VLVWHPiWLFDV��XPD�YH]�TXH��FDVR�RFRUUDP�DSHQDV�HYHQWXDOPHQWH��QmR�VH�FDUDFWHUL]D�DVVpGLR´�

��� 1$6&,0(172���������� %$5526���������� ,G��,ELG���S�����

Page 58: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

F� D� ILQDOLGDGH�GHVWUXWLYD��$OLFH�0RQWHLUR�GH�%DUURV��� FRPHQWD�TXH�³GHYH�KDYHU�XP�REMHWLYR�QD�YLROrQFLD�LQIOLJLGD��TXH�p�R�GH�FDXVDU�XP�GDQR�SVtTXLFR�RX�PRUDO´��

G� R GDQR�SVtTXLFR��0DUJDULGD�%DUUHWR��� FLWD�(VSLQR]D��TXH�SDUD�HOH�³GRHQoD� HTXLYDOH� DR� SDGHFLPHQWR� GH� XP� FRUSR� TXH� VH� VHQWH�LQFDSD]� GH� SUHVHUYDU�VH� HP� VHX� VHU��2� LQGLYtGXR� TXH� VH� VHQWH�GRHQWH�HPDQD�HPRo}HV�WULVWHV��D�WULVWH]D�DIHWD�D�IRUPD�GH�VHU�GR�DGRHFLGR´�

$OLFH�0RQWHLUR�GH�%DUURV��� DILUPD�TXH�D�GRXWULQD�PDMRULWiULD�HQWHQGH�TXH�³R�DVVpGLR�PRUDO�GHYH�FDXVDU�GDQRV�SVtTXLFRV�DR� WUDEDOKDGRU��SDVVDJHLURV�RX�GHILQLWLYRV��VHPSUH�FRP�FDUiWHU�SDWROyJLFR��GH�PRGR�D�SRVVLELOLWDU�GLDJQyVWLFR�FOtQLFR��RX�VHMD��SDVVtYHO�GH�SURYD´�

3RUWDQWR�� D� FRQGXWD� DVVHGLDGRUD� RX� D� DJUHVVmR� j� GLJQLGDGH� GR�WUDEDOKDGRU�� D� H[LVWrQFLD� GR� GDQR�� D� KDELWXDOLGDGH�� D� SURYD� WpFQLFD� FRQILJXUDGD�GHVVH� GDQR�� H� D� LQWHQomR� GH� SUDWLFi�OR� VmR� HOHPHQWRV� HVVHQFLDLV� SDUD� D�FDUDFWHUL]DomR�GR�DVVpGLR�PRUDO�HHQVHMDGRUHV�GD�UHSDUDomR�SRU�GDQR�PRUDO�

��� /(*,6/$d­2�(675$1*(,5$

-i� GL]LDP� RV� DQWLJRV� ³2� WUDEDOKR� HQREUHFH� R� KRPHP´�� H� R� VHX�H[HUFtFLR�YLVD�QmR�Vy�D�UHDOL]DomR�SURILVVLRQDO� FRPR�WDPEpP�D�UHDOL]DomR�SHVVRDO��GR�WUDEDOKDGRU�H�GH�VHXV�IDPLOLDUHV��EHP�FRPR�VHX�PHLR�GH�VXEVLVWrQFLD��3RUWDQWR��R�WUDEDOKR�p�GLUHLWR�GH�WRGRV��p�IXQGDPHQWR�FRQVWLWXFLRQDO��YDORUL]D�R�FLGDGmR�H�QHVVH�FRQWH[WR�SRGH�VH�GL]HU�TXH�R�WUDEDOKR�p�R�UHWUDWR�GD�GLJQLGDGH�GD�SHVVRD�KXPDQD��SRLV� PXLWRV� WUDEDOKDGRUHV� VmR� LGHQWLILFDGRV� H� FRQKHFLGRV� QR� PHLR� VRFLDO� SHOD�HPSUHVD�TXH�WUDEDOKDP��FKHJDP�D�YHU�VHX�VREUHQRPH�VXEWUDtGR�H�DFUHVFLGR�R�QRPH�

��� %$5526��������S�������� %$55(72��������S������� %$5526��RS��FLW���S�����

Page 59: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

IDQWDVLD�GD�HPSUHVD��FRPR�SRU�H[HPSOR� $QGUp�GD�)ROKD�GH�6mR�3DXOR��WRUQDQGR�VH�FRQKHFLGRV�QD�VRFLHGDGH�HP�TXH�YLYHP��H�DVVLP�p�QR�PXQGR�WRGR�

(PERUD�R�DVVpGLR�PRUDO�VHMD�WHPD�EDVWDQWH�GLVFXWLGR�QR�FDPSR�GD�SVLFRORJLD�� QR� %UDVLO� QmR� H[LVWH� OHL� HVSHFtILFD�� DSHQDV� OHLV� PXQLFLSDLV� H� GLYHUVRV�SURMHWRV�DSUHVHQWDGRV�QR�FDStWXOR�WHUFHLUR��

'HQRPLQDGR� GH�PREELQJ� QD� 6XpFLD� H� QD� ,QJODWHUUD�� EXOO\QJ� RX�KDUDVVPHQW��QRV�(8$��SVLFRWHUURU�RX�DFRVR�PRUDO�QD�(VSDQKD��KDUFpOHPHQW�PRUDO�QD�)UDQoD�H�DVVpGLR�PRUDO QR�%UDVLO��9HMDPRV�D�OHJLVODomR�LQWHUQDFLRQDO��GLVSRQtYHO�QD�LQWHUQHW�QR�HQGHUHoR���KWWS���ZZZ�DVVHGLRPRUDO�RUJ!�

6{QLD� 0DVFDUR� 1DVFLPHQWR��� FRPHQWD� TXH ´GHQWUH� RV� SDtVHV� TXH�SRVVXHP�OHJLVODomR�HVSHFtILFD�VREUH�R�DVVpGLR�PRUDO�SRGHPRV�HOHQFDU�D�6XpFLD��D�)UDQoD��D�1RUXHJD��D�)LQOkQGLD�H�D�$XVWUiOLD��4XDQWR�jTXHOHV�TXH�SRVVXHP�3URMHWR�GH�/HL�VREUH�R�WHPD��LQFOXtPRV�3RUWXJDO��6XtoD��%pOJLFD��8UXJXDL�H�R�%UDVLO´�

9HMD�VH�DOJXQV�GHOHV�

����� 3RUWXJDO

2�3URMHWR�/HL� VREUH�R� DVVpGLR�PRUDO�HQFRQWUD�VH�HP�GLVFXVVmR�QR�3DUODPHQWR��2�TXH�VH�YHULILFD�p�TXH�R�QRYR�&yGLJR�GR�7UDEDOKR�/HL�Q���������GH����GH�DJRVWR�GH�������SUHYr�D�SURLELomR�GH�GLVFULPLQDomR��QmR�SRGHQGR��R�HPSUHJDGRU��SUDWLFDU�TXDOTXHU�GLVFULPLQDomR��GLUHWD�RX�LQGLUHWD��FRQWUD�R�WUDEDOKDGRU�

2�3URMHWR�GH�/HL�Q�����9,,,�GLVS}H�VREUH�D�SURWHomR�ODERUDO�FRQWUD�R�WHUURULVPR� SVLFROyJLFR� RX� DVVpGLR� PRUDO�� 'HVWDFD�VH� QR� SURMHWR� SRUWXJXrV� XPD�FRQFHLWXDomR�GHWDOKDGD�GR�DVVpGLR�PRUDO�H�R�HVWDEHOHFLPHQWR�GH�VDQomR�DOWHUQDWLYD��FRQVLVWLQGR�HP�SULVmR�RX�PXOWD�

6HJXQGR� +iGDVVD��� ³D� SULVmR� YDULD� GH� XP� D� WUrV� DQRV� H� D�PXOWD�SHUID]� R� PRQWDQWH� GH� �� PLOK}HV� GH� HVFXGRV�� 1R� HQWDQWR�� VH� GR�DVVpGLR� PRUDO�UHVXOWDU� XP�DWHQWDGR� FRQWUD� D� GLJQLGDGH� H� LQWHJULGDGH�SVtTXLFD� GR� WUDEDOKDGRU�� Ki�

��� 1$6&,0(172���������� )(55(,5$��������S����

Page 60: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

XP�JUDYDPH��GLDQWH�GD�TXDO�D�SHQD�GH�SULVmR�SRGHUi�YDULDU�HQWUH�GRLV�H�TXDWUR�DQRV��H�D PXOWD�SDVVDUi�D�����PLOK}HV�GH�HVFXGRV´�

����� ,WiOLD

1mR� Ki� OHJLVODomR�HVSHFtILFD�� 6HJXQGR�*XHGHV��� ³QHQKXPD� OHL� GH�DEUDQJrQFLD� QDFLRQDO� YLJRUD� D� UHVSHLWR� GR� DVVpGLR� PRUDO�� DSHQDV� UHJLVWUDP�VH�SURMHWRV�HP�WUDPLWDomR�QR�3DUODPHQWR�(XURSHX´�

$� GRXWULQD� H� MXULVSUXGrQFLD� LWDOLDQD� WHQGHP� D� HQTXDGUDU� DOJXPDV�FRQGXWDV�GH�PREELQJ QR�kPELWR�GH�SURWHomR�JHUDO�SUHYLVWR�QR�&yGLJR�&LYLO�,WDOLDQR��DUWV�� ������ �UHVSRQVDELOLGDGH� DTXLOLDQD��� ������ �WXWHOD� D� VD~GH� ItVLFD� H� PRUDO� GR�WUDEDOKDGRU����������WXWHOD�SURILVVLRQDO�GR�WUDEDOKDGRU��$�UHJUD�GR�DUWLJR�������GR�&&�GLVS}H�� ³R� HPSUHJDGRU� p�REULJDGR� D� DGRWDU� QR� H[HUFtFLR� GD� HPSUHVD� DV�PHGLGDV�TXH�� VHJXQGR� DV� SDUWLFXODULGDGHV� GR� WUDEDOKR�� D� H[SHULrQFLD� H� D� WpFQLFD�� VmR�QHFHVViULDV�D�WXWHODU�D�LQWHJULGDGH�ItVLFD�H�D�SHUVRQDOLGDGH�PRUDO�GRV�SUHVWDGRUHV�GH�VHUYLoR´� 7DO� GLVSRVLWLYR� REULJD� R� HPSUHJDGRU� D� DGRWDU� PHGLGDV� TXH� WXWHOHP� D�LQWHJULGDGH� ItVLFD� H� D� SHUVRQDOLGDGH�PRUDO� GRV� WUDEDOKDGRUHV� FRP� D� ILQDOLGDGH� GH�JDUDQWLU�D�VD~GH�SVLFRItVLFD�GRV�PHVPRV�

����� )UDQoD

3DtV�SLRQHLUR�D�LQVWLWXLU�XPD�OHJLVODomR�GH�SURWHomR�FRQWUD�R�DVVpGLR�PRUDO��GHQRPLQDGR�GH�KDUFqOHPHQW�PRUDO��R�DVVpGLR�PRUDO�HVWi�WXWHODGR�SHOD�OHL�GH�PRGHUQL]DomR� VRFLDO� DSURYDGD� HP� ��� GH� MDQHLUR� GH� ������ HVSHFLILFDPHQWH� QR�&DStWXOR����TXH�WUDWD�GR�DVVpGLR�PRUDO�QR�WUDEDOKR�

��� *8('(6��0DUFLD�1RYDHV��7HUURU�SVLFROyJLFR�QR�WUDEDOKR� 6mR�3DXOR��/WU��������S�����

Page 61: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

*XHGHV��� FRPHQWD� TXH� R� ³DUW���������� LQFRUSRUDGR� DR� &yGLJR� GR�7UDEDOKR�)UDQFrV��DVVHJXUD�DR�WUDEDOKDGRU�R�GLUHLWR�GH�QmR�VHU�VXEPHWLGR�j�SUiWLFD�GH�DVVpGLR�PRUDO´��

>���@�QHQKXP�WUDEDOKDGRU�GHYH�VRIUHU�DWRV�UHSHWLGRV�VH�DVVpGLR�PRUDO�TXH�WHQKDP�SRU�REMHWR�RX�SRU�HIHLWR�D�GHJUDGDomR�GDV�FRQGLo}HV�GH�WUDEDOKR�VXVFHWtYHO�GH�OHVDU�RV�GLUHLWRV�H�D�GLJQLGDGH�GR�WUDEDOKDGRU��GH� DOWHUDU� VXD� VD~GH� ItVLFD� RX� PHQWDO�� RX� GH FRPSURPHWHU� R� VHX�IXWXUR�SURILVVLRQDO�

+iGDVVD� 'RORUHV� %RQLOKD� )HUUHLUD��� FRPHQWD� TXH� ³D� OHL� IUDQFHVD�LQFOXL� DLQGD�� QR� &yGLJR� GR� 7UDEDOKR� GR� SDtV� D� REULJDomR� GR� HPSUHJDGRU� GH�HVWDEHOHFHU� PHGLGDV� GH� SUHYHQomR� FRQWUD� R� DVVpGLR�PRUDO�� 2� DUW�/������� GLVS}H�TXH�p REULJDomR�GR�HPSUHJDGRU� WRPDU� WRGDV�DV�PHGLGDV�QHFHVViULDV�FRP�YLVWDV�D�SUHYHQLU�RV�DWRV�YLVDGRV�SHORV�DUWV��/�������H�/������´�

(� DLQGD�� D� DXWRUD��� GHVWDFD� FRPHQWiULR� GD� IUDQFHVD� +LULJR\HQQR�TXDO�GL]�TXH�D�³OHL�IUDQFHVD�LQVHULX�QR�&yGLJR�3HQDO�D�ILJXUD�WtSLFD�GR�DVVpGLR�PRUDO��SUHYHQGR� FRPR� VDQomR� DOWHUQDWLYD� SULVmR� RX� PXOWD´�� (� FLWD� R� DUW���������� GR�PHQFLRQDGR�&yGLJR�

2�IDWR�GH�DVVHGLDU�RXWUHP�FRP�FRPSRUWDPHQWRV�UHSHWLWLYRV�WHQGR�SRU�REMHWR� RX� HIHLWR� XPD� GHJUDGDomR� GDV� FRQGLo}HV� GH� WUDEDOKR�VXVFHWtYHO� GH� DWLQJLU� VHXV� GLUHLWRV� H� VXD� GLJQLGDGH�� GH� DOWHUDU� VXD�VD~GH�ItVLFD�RX�PHQWDO�RX�GH�FRPSURPHWHU�VHX�IXWXUR�SURILVVLRQDO�p�SXQLGR� FRP� XP� DQR� GH� FDGHLD� RX� ��������� IUDQFRV� IUDQFHVHV� GH�PXOWD��

$�OHL�IUDQFHVD�UHJLVWURX�WDPEpP�PHGLGDV�GH�SUHYHQomR�H�LQRYRX�QR�FDPSR� SURFHVVXDO� TXDQGR� SHUPLWLX� D� LQYHUVmR� GR� {QXV� GD� SURYD�� FDEHQGR� DR�DJUHVVRU�R�{QXV�GH�SURYDU�TXH�QmR�SUDWLFRX�DWRV�GH�DVVpGLR�PRUDO�

��� *8('(6��������S�������� )(55(,5$��������S������� ,G��,ELG���S����

Page 62: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

����� ,QJODWHUUD

1D� ,QJODWHUUD�� R� WHUPR� XWLOL]DGR� SDUD� GHVLJQDU� R� DVVpGLR�PRUDO� p� R�EXOO\QJ�� TXH� GHVLJQD� GR� YHUER� LQJOrV� WR� EXOO\�� RX� LQWLPLGDU�� DWHUURUL]DU�� WHUPR�UHODFLRQDGRV�FRP�DJUHVV}HV�QR�LQWHULRU�GR�DPELHQWH�GD�HPSUHVD�

6HJXQGR�0iUFLD�1RYDHV�*XHGHV����

$LQGD QmR�H[LVWH�XPD�OHJLVODomR�HVSHFtILFD�D�UHVSHLWR�GR�EXOO\LQJ��D�SULPHLUD� WHQWDWLYD� OHJLVODWLYD� VH� UHJLVWUD� DSHQDV� HP� GH]HPEUR� GH������� PHGLDQWH� SURSRVWD�� QD� &DVD� GRV� /RUGHV�� QR� 3DUODPHQWR�(XURSHX�� GH� XP� SURMHWR� GH� OHL� SDUD� D� WXWHOD� GD� GLJQLGDGH� GR�WUDEDOKDGRU�QR�DPELHQWH�GH�WUDEDOKR��R�7KH�'LJQLW\�DW�:RUN�%LOO �� >���@0HVPR�WHQGR�UHWRPDGR�VHX�FXUVR�HP�������DLQGD�QmR�IRL�DSURYDGR�

1D� DXVrQFLD� GH� OHL� HVSHFtILFD�� D� ,QJODWHUUD� FRQWD� FRP� QRUPDV� GH�FDUiWHU�JHUDO�FRPR�R�3URWHFWLRQ�)URP�+DUDVVPHQW�$FW�Q���� GH�PDUoR�GH�������TXH�VHJXQGR� 0DUFLD� 1RYDHV� *XHGHV��� WUDWD�VH� GH� XP� DWR� TXH� UHSUHVHQWD� R� PDLV�LPSRUWDQWH� VLVWHPD� GH� SURWHomR� DR� WUDEDOKDGRU� FRQWUD� R� DVVpGLR� PRUDO�� SRLV� VH�IXQGD��³QD�LGpLD�GH�TXH�XPD�SHVVRD�QmR�GHYH�VHU�H[SRVWD�D�XPD�FRQGXWD�TXH�SRVVD�UHVXOWDU� PROpVWLD� QR� FRQIURQWR� FRP� RXWUD� SHVVRD� H� GD� TXDO� HOD� GHYD� FRQKHFHU� R�FDUiWHU�DVVpGLR´�

2�DJUHVVRU�SRGHUi�VHU�DSHQDGR�FRP��� �VHLV��PHVHV�GH� UHFOXVmR�H�PXOWD��DOpP�GH�VHU�DGYHUWLGR�TXDQWR�j�FRQWLQXLGDGH�GR�DVVpGLR��VRE�SHQD�GH�WHU�VXD�SHQD�DXPHQWDGD�

����� 1RUXHJD

2�&yGLJR�GR�7UDEDOKR�GH������SURtEH�R�DVVpGLR�HP�JHUDO�

��� *8('(6��������S�������� ,G��,ELG���S�����

Page 63: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

����� $OHPDQKD

6HJXQGR�0iUFLD�1RYDHV�*XHGHV�����³D�UHIHUrQFLD�PDLV�HVSHFtILFD�DR�PREELQJ UHVLGH� QD� FRQMXJDomR� GH� DOJXQV� GLVSRVLWLYRV� OHJDLV� VREUH� VHJXUDQoD� H�VD~GH� QR� WUDEDOKR�� QmR� KDYHQGR�� QR� HQWDQWR�� TXDOTXHU� QRUPD� HVSHFLDO� TXH� VH�GHEUXFH�VREUH�WDO�PDQLIHVWDomR�GH�DVVpGLR´�

����� %pOJLFD

3RVVXL�OHJLVODomR�UHODWLYD�DR�PREELQJ ± DVVpGLR�PRUDO��GDWDGD�GH����GH�MXQKR�GH�������D�OHJLVODomR�WUDWD�GD�YLROrQFLD�QR�ORFDO�GH�WUDEDOKR��DEUDQJHQGR�R�DVVpGLR�PRUDO�H�VH[XDO�

����� 6XtoD

3URMHWR�GH�/HL�)HGHUDO��DSUHVHQWDGR�HP����GH�RXWXEUR�GH�������

����� (VSDQKD

([LVWHP� GLYHUVRV� SURMHWRV� GH� OHL� TXH� LQWHQWDP� D� SURLELomR� H� D�SXQLomR�GR�DVVpGLR�PRUDO�

��� *8('(6��������S����������

Page 64: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

�������$XVWUiOLD

3DtV�TXH�SRVVXL�OHJLVODomRHVSHFtILFD�VREUH�R�DVVpGLR�PRUDO��0iUFLD�1RYDV�*XHGHV��� FRPHQWD�TXH�

$V� YtWLPDV� GR� DVVpGLR� PRUDO�� GHQRPLQDGR EXOO\LQJ� DW� ZRUN� SODFH��FRQWDP�FRP�XPD�OHJLVODomR�HVSHFtILFD��TXH�DVVHJXUD�DR�WUDEDOKDGRU�XP�PHLR�DPELHQWH�GH�WUDEDOKR�VDGLR��DWULEXLQGR��H[SUHVVDPHQWH��DR�HPSUHJDGRU�� D� UHVSRQVDELOLGDGH� SHOD� REVHUYkQFLD� GH� WDO� JDUDQWLD��VRE� SHQD� GH� UHVSRQGHU� SRU� HYHQWXDLV� GDQRV� FDXVDGRV� j� YtWLPD��VHMDP�GH�QDWXUH]D�ItVLFD��VHMDP�GH�QDWXUH]D�SVLFROyJLFD�

2� DJUHVVRU� SRGHUi� VHU� SXQLGR� FRP� SHQD� GH� SULVmR�� FRQIRUPH�SUHVFUHYH�D�VHomR�����GR�&yGLJR�3HQDO�$XVWUDOLDQR�

�������(VWDGRV�8QLGRV

0iUFLD�1RYDHV�*XHGHV�����FRPHQWD�TXH�³D�H[HPSOR�GD�,QJODWHUUD��RV�(VWDGRV�8QLGRV�QmR�SRVVXHP�OHL�HVSHFtILFD�VREUH�R�DVVpGLR�PRUDO��HPERUD�KDMD�XPD�LPSRUWDQWH� PRELOL]DomR� VRFLDO� HP� WRUQR�GR� WHPD� H� TXH� OHYRX� DR� VXUJLPHQWR� GH�GLYHUVDV�DVVRFLDo}HV�GH�SURWHomR�DR�WUDEDOKDGRU�YtWLPD�GHVVH�PDO�± EXOO\LQJ�DW�ZRUN�SODFH´�

4XDQWR�DRV�SDtVHV�GD�$PpULFD�/DWLQD��+iGDVVD��� FRPHQWD�TXH�

1D�$PpULFD�/DWLQD�VXUJHP��FRQFRPLWDQWHPHQWH��GLYHUVRV�SURMHWRV�GH�OHLV�� 1R� &KLOH�� SRU� H[HPSOR�� XP� SURMHWR� GH� OHL� SUHWHQGH� LQVHULU� QR�&yGLJR� GH� 7UDEDOKR� D� ILJXUD� GR� DVVpGLR� PRUDO�� EHP� FRPR� D�LPSODQWDomR� GH� VDQo}HV� H� VROXo}HV� QD� HVIHUD� DGPLQLVWUDWLYD�� $�LQRYDomR� ILFD� SRU� FRQWD� GRV� EHQHItFLRV� ILVFDLV� FRQFHGLGRV� jTXHOHV�HPSUHJDGRUHV�TXH�SURPRYHUHP�PHLRV�GH�SUHYHQLU�R�DVVpGLR�PRUDO�

��� *8('(6��������S�������� ,G��,ELG���S�������� )(55(,5$��������S����

Page 65: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

(� DLQGD�� UHODWD� D� DXWRUD� TXH� FRPR� VDQomR�� R� SURMHWR� FKLOHQR�HVWDEHOHFH� D� SHQD� GH� PXOWD� QR� YDORU� TXH� YDULD� GH� GH]� D� FLQT�HQWD� 870�� VHP�SUHMXt]R�GDV�HYHQWXDLV�Do}HV�TXH�R�WUDEDOKDGRU�YLHU�D�SURSRU�

9HULILFD�VH� D� HYROXomR� GR� WHPD� DVVpGLR� PRUDO� QR� PXQGR WRGR� H�GHVWDTXH�HVSHFLDO�VH�Gi�DRV�SDtVHV�QRV�TXDLV�H[LVWH�OHJLVODomR�IHGHUDO�D�UHVSHLWR�GR�DVVXQWR��VmR�HOHV��)UDQoD�± SDtV�SLRQHLUR�D�LQVWLWXLU�XPD�OHJLVODomR�FRQWUD�R�DVVpGLR�PRUDO��1RUXHJD��%pOJLFD�H$XVWUiOLD�TXH�SRVVXHP�OHJLVODomR�HVSHFtILFD��DOJXQV�GHOHV�SUHYHQGR�DWp�SHQD�GH�SULVmR�SDUD�R�DJUHVVRU� 2EVHUYD�VH�SHOD� DQiOLVH�GR�GLUHLWR�FRPSDUDGR� TXH� D� /HJLVODomR� )UDQFHVD�� SUHFXUVRUD� QR� WHPD�� � IRL� D� TXH� PDLV�FRQWULEXLX� SDUD� D� HYROXomR� GR� LQVWLWXWR� QR� %UDVLO�� SULQFLSDOPHQWH� SHODV� REUDV�SXEOLFDGDV�SHOD�SVLFyORJD�IUDQFHVD�0DULH�)UDQFH�+LULJR\HQ�

$� 2,7� ± 2UJDQL]DomR� ,QWHUQDFLRQDO� GR� 7UDEDOKR�� QR� XVR� GH� VXDV�DWULEXLo}HV� GH� HODERUDU� QRUPDV� LQWHUQDFLRQDLV� DWLQHQWHV� jV� TXHVW}HV� GH�'LUHLWR� GR�7UDEDOKR�� HGLWRX��HP������� XP� LQIRUPH VREUH�DOJXPDV� IRUPDV�GH� FRQILJXUDomR�GR�DVVpGLR� PRUDO�� HOHQFDQGR� YiULDV� FRQGXWDV� TXH� VH� PRVWUDUDP� PDLV� WtSLFDV� RX�FRPXQV��2�URO�HVWDEHOHFLD�TXH�R�DVVpGLR�PRUDO�FRQVLVWLD�HP�

D� PHGLGD� GHVWLQDGD� D� H[FOXLU� XPD� SHVVRD� GH� XPD� DWLYLGDGH�SURILVVLRQDO�

E� DWDTXHV� SHUVLVWHQWHV� H� QHJDWLYRV� DR� UHQGLPHQWR� SHVVRDO� RX�SURILVVLRQDO�VHP�UD]mR�

F� D� PDQLSXODomR� GD� UHSXWDomR� SHVVRDO� RX� SURILVVLRQDO� GH� XPD�SHVVRD�DWUDYpV�GH�UXPRUHV�H�ULGLFXODUL]DomR�

G� DEXVR�GR�SRGHU�DWUDYpV�GR�PHQRVSUH]R�SHUVLVWHQWH�GR�WUDEDOKR�GD� SHVVRD� RX� IL[DomR� GH� REMHWLYRV� FRP� SUD]RV� LQDWLQJtYHLV� RX�SRXFR�UD]RiYHLV�RX�D�DWULEXLomR�GH�WDUHIDV�LPSRVVtYHLV�

H� FRQWUROH� GHVPHGLGR� RX� LQDSURSULDGR� GR� UHQGLPHQWR� GH� XPD�SHVVRD�

1R� %UDVLO� H[LVWHP� GLYHUVRV� SURMHWRV� VREUH� R� DVVpGLR� PRUDO�� RV�SULQFLSDLV�VHUmR�HOHQFDGRV�QR�ILQDO�GR�FDStWXOR�WHUFHLUR�

Page 66: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

��� +,3Ï7(6(6�'(�0$1,)(67$d­2�'2�$66e',2�025$/

9iULDV� VmR� DV� VLWXDo}HV� TXH� SRGHP� HQVHMDU� R� DVVpGLR� PRUDO��SRGHPRV�GHVWDFDU�GHQWUH�HODV�DV�PDLV�FRPXQV��LVRODU�D�YtWLPD�GR�JUXSR�GH�WUDEDOKR��ULGLFXODUL]DU�� LQIHULRUL]DU�� GLIDPDU�� PHQRVSUH]DU�� ID]HU� FRPHQWiULRV� VREUH� D� VXD�FDSDFLGDGH� SURILVVLRQDO� H� VH[XDO�� DWULEXLU� WDUHIDV� LPSRVVtYHLV� GH� VHUHP� UHDOL]DGDV��VREUHFDUUHJDU� GH� WUDEDOKR�� UHGXomR� GH� KRUiULRV� GDV� UHIHLo}HV�� IRUoi�OD� D� SHGLU�GHPLVVmR��HQILP��R DVVpGLR�PRUDO�WDPEpP�SRGH�RFRUUHU�FRQWUD�WRGRV�RV�HPSUHJDGRV�DR�PHVPR�WHPSR�RX�FRQWUD�DSHQDV�XP�GHOHV��QDV�PDLV�GLYHUVDV�IXQo}HV�ODERUDLV��

)UHLWDV��DSXG�$*8,$5���� H[HPSOLILFD�DOJXPDV�VLWXDo}HV�HVSHFtILFDV�SDUD� R� VXUJLPHQWR� GR� DVVpGLR�PRUDO�� ³FXOWXUD� H� FOLPD� SHUPLVVLYR� GD� RUJDQL]DomR��FRP� GHVFRQILDQoD� H� FRPSHWLomR� H[DFHUEDGD�� VXSHUYDORUL]DomR� GDV� HVWUXWXUDV�KLHUiUTXLFDV��SURFHVVRV�GH� UHHVWUXWXUDomR�RUJDQL]DFLRQDO�VHP� WUDQVSDUrQFLD�H�FRP�DPHDoDV�JHQHUDOL]DGDV��H�LQJUHVVR�GH�SURILVVLRQDLV�FRP�TXDOLILFDomR�VXSHULRU�DR�GD�FKHILD´�

$ONLPLQ��� FRPHQWD�TXH�

+i�YiULDV� IRUPDV�GH�PDQLIHVWDomR�GR�DVVpGLR�PRUDO�FRP�R�REMHWLYR�GH�YH[DU��FRQVWUDQJHU��LQIHULRUL]DU�H�KXPLOKDU�D�YtWLPD��TXH�YmR�GHVGH�FRPSRUWDPHQWRV�H�DWLWXGHV�FRQFUHWDV�FRPR��SRU�H[HPSOR��WUDWDU�FRP�ULJRU�H[FHVVLYR��DWULEXLU� WDUHIDV� LQ~WHLV��GHJUDGDQWHV�RX�VXSHULRUHV�j�FDSDFLGDGH� LQWHOHFWXDO� RX� ItVLFD� GR� HPSUHJDGR�� UHEDL[DPHQWR�IXQFLRQDO�� LQYDVmR�GD�SULYDFLGDGH�H� LQWLPLGDGH��GLYXOJDQGR�TXHVW}HV�SHVVRDLV� RX� VXMHLWDQGR� R� HPSUHJDGR� D� UHYLVWDV� H� FRQWUROHV�H[DJHUDGRV�� LQM~ULDV�� FDO~QLDV�� FUtWLFDV�� LURQLDV�� KXPLOKDo}HV� H�GLVFULPLQDo}HV� UHLWHUDGDV�HP�S~EOLFR�� LQDWLYLGDGH� IRUoDGD�� DJUHVVmR�YHUEDO�RX� ItVLFD�HWF���DWp�D� IDOWD�GH�FRPXQLFDomR��FRQGXWD�RPLVVLYD��QR�LQWXLWR�GH�LVRODU�D�YtWLPD�H�DIDVWi�OD�GD�RUJDQL]DomR�GR�WUDEDOKR��RX�FRPXQLFDomR� QmR� YHUEDO� H� JHVWRV� �VXVSLURV�� ROKDU� H� LJQRUDU� D�SUHVHQoD�GD�YtWLPD��HUJXHU�GH�RPEURV��PtPLFDV��ULVLQKRV�HWF��

��� $*8,$5��������S������� $/.,0,1��������S�����

Page 67: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

0DUJDULGD� %DUUHWR��� H[HPSOLILFD� VLWXDo}HV� GH� DWLWXGHV� SUDWLFDGDV�SHOR�HPSUHJDGRU�FRP�R�LQWXLWR�GH�GLILFXOWDU�R�VHX�UHWRUQR�RX�D�VXD�SHUPDQrQFLD�QR�HPSUHJR��

'HL[DU� HVSHUDQGR� IRUD� GRV� SRUW}HV� H� LPSHGLU� R� DFHVVR� j� HPSUHVD��QmR� SHUPLWLU� TXH� FRQYHUVHP� FRP� DQWLJRV� FROHJDV�� QmR� HQWUHJDU�GRFXPHQWRV� QHFHVViULRV� j� FRQFUHWL]DomR� GD� SHUtFLD� PpGLFD��LQWLPLGDU�� DPHGURQWDU�� LJQRUDU�� VXJHULU� TXH� SHoD� GHPLVVmR�� GLPLQXLU�VDOiULRV� TXDQGR� UHWRUQDP�DR� WUDEDOKR�� GHVORFDU� GD� DQWLJD� IXQomR� H�FRORFDU�SDUD� ID]HU� ID[LQD�HP�EDQKHLURV�RX� ID]HU�SHTXHQRV�VHUYLoRV�QD�FDVD�GR�FKHIH�QRV�ILQDLV�GH�VHPDQD��GLVFULPLQDU�FRP�SDODYUDV�TXH�UHEDL[DP��IDODU�EDL[LQKR�D FHUFD�GD�SHVVRD��ROKDU�H�ULU�GR�DGRHFLGR��FRQWURODU� LGDV� D� PpGLFRV�� TXHVWLRQDU� D� FHUFD� GR� IDODGR� HP� RXWUR�HVSDoR�� VXVSHQGHU� GRLV� DWHVWDGRV� PpGLFRV� SRU� PrV�� FRQWURODU�WHPSRV�GH�LGDV�DR�EDQKHLUR��LJQRUDU�RX�FRORFDU�GH�µFDVWLJR¶�ROKDQGR�D�SURGXomR� DWUDYpV� GH SDUHGHV� GH� YLGUR�� ID]HU� SLDGDV� MRFRVDV�UHODFLRQDGDV�DR�VH[R�

2EVHUYDQGR� R� IDWR� FRQFUHWR�� SRGHPRV� FLWDU� R� H[HPSOR� GR� FDVR�GH�'HQLVH�*RPHV��������DQRV��SURIHVVRUD�HP�%HOR�+RUL]RQWH��FXMR�GHSRLPHQWR�IRL�GDGR�j�5HYLVWD�9HMD�����

$WUDYpV�GH�DomR�MXGLFLDO��D�SURIHVVRUD�REWHYH�D�UHVFLVmR�GR�FRQWUDWR�GH�WUDEDOKR��DOpP�GH�LQGHQL]DomR�QR�YDORU�GH�5�������������YLQWH�H�FLQFR�PLO�UHDLV���6HJXHP�VH�GHFODUDo}HV�GH�'HQLVH�

(QWUH������H�������IXL�PRUDOPHQWH�DVVHGLDGD�SRU�FRRUGHQDGRUHV�GR�GHSDUWDPHQWR� GD� XQLYHUVLGDGH� RQGH� WUDEDOKHL� DWp� R� PrV� SDVVDGR��'HSRLV�GH�XP�SHUtRGR�GH�DIDVWDPHQWR��HQFRQWUHL�XP�DPELHQWH�KRVWLO��'HUDP�PH�XP�KRUiULR�LUUDFLRQDO��(P�XP�GLD��WLQKD�GH�WUDEDOKDU�GR]H�KRUDV� LQLQWHUUXSWDV�� 4XDVH� WRGRV� RV� GLDV�� UHFHELD� RItFLRV� GH�DGYHUWrQFLD�� VHP� TXH� QDGD� WLYHVVH� IHLWR� GH� HUUDGR�� (OHJL�PH� SDUD�XPD�FRPLVVmR�GH�SUHYHQomR�GH�DFLGHQWHV�H�SDVVHL�D�VHU�DLQGD�PDLV�KXPLOKDGD��'HUDP�PH�DWLYLGDGHV�GH�RULHQWDomR�GH�HVWDJLiULRV��FRP�D�MXVWLILFDWLYD� GH�TXH�HX�QmR� WLQKD�TXDOLILFDomR�SDUD� GDU� DXODV��1XPD�UHXQLmR��R�FRRUGHQDGRU�DJUHGLX�PH�DRV�EHUURV�QD�IUHQWH�GH�FROHJDV�H�IXQFLRQiULRV��&KHJXHL�D�VHU�FRORFDGD�QXPD�VDOLQKD��VHP�QDGD�SDUD�ID]HU�� 1HVVH� SURFHVVR� HVWUHVVDQWH�� DGRHFL� H� YROWHL� D� VRIUHU�

��� %$55(72�� 0DUJDULGD� 0DULD� 6LOYHLUD�� 8PD MRUQDGD� GH� KXPLOKDo}HV� 6mR� 3DXOR�� ������ ���I��'LVVHUWDomR��0HVWUDGR�HP�3VLFRORJLD�6RFLDO��± 38&�63��S���������

��� (':$5'��-RVp��$VVpGLR�PRUDO��R�ODGR�VRPEULR�GR�WUDEDOKR� 5HYLVWD�9HMD��(G�������DQR�����Q�����S������>����@��

��� 5HYLVWD�9HMD��(GLomR�������GH��� GH�MXOKR�GH������

Page 68: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

FRQYXOV}HV�GHSRLV�GH����DQRV�VHP�WHU�HVVH�SUREOHPD��7DPEpP�SHUGL�PDLV�GD�PHWDGH�GD�PLQKD UHQGD�

1R� VHQWLGR� GH� H[FOXLU� D� YtWLPD� GR� DPELHQWH� GH� WUDEDOKR�$ONLPLQ���DSUHVHQWD�FDWHJRULDV�GH�FRPSRUWDPHQWRV��DWLWXGHV�H�JHVWRV�DVVHGLDQWHV��VmR�HOHV��³,�� 'HWHULRUDomR� SURSRVLWDO� GDV� FRQGLo}HV� GH� WUDEDOKR�� ,,�� ,VRODPHQWR� H� UHFXVD� GH�FRPXQLFDomR�� ,,,��$WHQWDGR�FRQWUD�D�GLJQLGDGH�GR�HPSUHJDGR�� ,9��9LROrQFLD�YHUEDO��ItVLFD�RX�VH[XDO´�

$� DXWRUD� DLQGD�� FLWD� H[HPSORV� GHVVDV� DWLWXGHV�� ID]HQGR� DOJXPDV�DGDSWDo}HV� j� FODVVLILFDomR� H� ³OLVWD� GH� DWLWXGHV� KRVWLV´� DSUHVHQWDGD� SHOD� SVLFyORJD�0DULH�)UDQFH�+LULJR\HQ��

D��FUtWLFDV� LPRWLYDGDV�H� LQMXVWDV�DR�WUDEDOKR�GD�YtWLPD��VXEWUDomR�GH�VXD� DXWRQRPLD� H� FRQWHVWDo}HV� FRQVWDQWHV� jV� VXDV� GHFLV}HV� H�LQLFLDWLYDV�� E�� GHL[DU� GH� WUDQVPLWLU� LQIRUPDo}HV� QHFHVViULDV� SDUD� D�UHDOL]DomR�GRV�VHUYLoRV��UHWLUDU�GD�YtWLPD�DV�WDUHIDV�TXH�VmR�REMHWR�GH�VHX� FRQWUDWR� GH� WUDEDOKR�� RX�� DLQGD�� SULYi�OD� GRV� LQVWUXPHQWRV� H�PDWHULDLV�GH�WUDEDOKR��H�J���FRPSXWDGRU�� WHOHIRQH��PHVD��ID[��HWF���F��DWULEXLU�j�YtWLPD�FRQVWDQWHPHQWH�WDUHIDV�RX�LQVWUXo}HV�LPSRVVtYHLV�GH�VH� H[HFXWDU� H� QRYDV� WDUHIDV�� HVWUDQKDV DR� REMHWR� GR� FRQWUDWR� GH�WUDEDOKR�� VREUHFDUUHJDQGR�D�� RX�� DWULEXLU�OKH� VLVWHPDWLFDPHQWH�WDUHIDV� LQIHULRUHV� �UHEDL[DPHQWR� IXQFLRQDO�� RX� VXSHULRUHV� jV� VXDV�FRPSHWrQFLDV�� LQFOXVLYH� PHWDV� GH� SURGXWLYLGDGH� TXDVH� LQWDQJtYHLV��DFLUUDQGR� D� FRPSHWLWLYLGDGH� HQWUH� RV� JUXSRV� GH� WUDEDOKDGRUHV� H�EULQFDGHLUDV� KXPLOKDQWHV� SDUD� DTXHOHV� TXH� QmR� DWLQJLUHP� D� PHWD��H�J��� WURIpX�DEDFD[L� HWF��� G�� DWULEXLU� WDUHIDV� LQVDOXEUHV��SHULJRVDV�RX�SHQRVDV�FRQWUD�D�YRQWDGH�GD�YtWLPD�RX� LQFRPSDWtYHLV�FRP�D�VD~GH�RX� FRQGLomR� ItVLFD�� H�� DWLWXGHV� TXH� LPSHoDP� j� YtWLPD� GH� REWHU�SURPRomR��I��PDUJLQDOL]DU�H�GLVFULPLQDU�D�YtWLPD�QR�TXH�GL]�UHVSHLWR�j�IRUPDomR�� UHTXDOLILFDomR� H� DSHUIHLoRDPHQWR� SURILVVLRQDO�� J�� FDXVDU�GDQRV�QR�ORFDO�GH�WUDEDOKR�GD�YtWLPD�RX�FRORFi�OD�HP�HVSDoR�H[tJXR��PDO� LOXPLQDGR�� HP� FRQGLo}HV� GHJUDGDQWHV� H� KXPLOKDQWHV�� K��SUHVVLRQDU�D�YtWLPD�SDUD�TXH�QmR�IDoD�YDOHU�VHXV�GLUHLWRV�WUDEDOKLVWDV��SULQFLSDOPHQWH� TXDQGR� D� YtWLPD� WHP� DOJXPD� DomR� MXGLFLDO� FRQWUD� R�HPSUHJDGRU��VHQGR�SHUVHJXLGD�SRU�HVWH�RX�SRU�VXSHULRU�KLHUiUTXLFR��LQFOXVLYH� FRP� DGYHUWrQFLDV� LQIXQGDGDV�� L�� LQGX]LU� D� YtWLPD� D� HUUR�� M��GHVYLR� GH� IXQomR�� PDQGDU� OLPSDU� EDQKHLUR�� ID]HU� FDIH]LQKR�� OLPSDU�SRVWR�GH�WUDEDOKR��SLQWDU�D�FDVD�GR�FKHIH�HWF�

4XDQWR� DR� LVRODPHQWR� H� D� UHFXVD� QD� FRPXQLFDomR� $ONLPLQ���FRPHQWD�TXH�

��� $/.,0,1��������S������� $/.,0,1��������S����

Page 69: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

e�D�IRUPD�PDLV�VXWLO�H�LQGLFLRVD�GH�SUDWLFDU�R�DVVpGLR�PRUDO��YLVWR�TXH�R�DWDTXH�QmR�p�GHFODUDGR��VHQGR�D�YtWLPD�LVRODGD�SHOR�DJUHVVRU�TXH�VHPSUH�MXVWLILFD�VXD�DWLWXGH�DVVHGLDQWH�FRP�DV�VHJXLQWHV�IUDVHV��µQmR�p�YHUGDGH�TXH�R�D��GHVSUH]R��HVWDPRV�DTXL�SDUD�WUDEDOKDU�H QmR�SDUD�FRQYHUVDU�� IRL�FRORFDGR�D��QXPD�PHVD�DIDVWDGD�SRU� IDOWD�GH�HVSDoR�HWF�

2� DWHQWDGR� FRQWUD� D� GLJQLGDGH� GR� HPSUHJDGR�� FRQWLQXD� D� DXWRUD�³WRGR�WLSR�GH�FRQGXWD��DWLWXGH��JHVWR��SDODYUD�RX�HVFULWR�GLULJLGR�FRQWUD�R�HPSUHJDGR�QR� LQWXLWR�GH�KXPLOKi�OR��VH� WUDGX]�HP�DWHQWDGR�FRQWUD�D�GLJQLGDGH�GR�HPSUHJDGR��PXLWR� HPERUD�� SDUD� ILQV� GRXWULQiULRV�� HVVDV� DWLWXGHV� WHQKDP� LQWHJUDGR� D� SUHVHQWH�FDWHJRULD�GH�FRQGXWDV�DVVHGLDQWHV´�

4XDQWR� DR� TXDUWR� LWHP� DSUHVHQWDGR� SRU� $ONLPLQ����� TXDO� VHMD��YLROrQFLD� YHUEDO�� ItVLFD� RX� VH[XDO�� D� DXWRUD� H[HPSOLILFD� HVVD� FDWHJRULD� GH� DWLWXGHV�KRVWLV�� ³D��YLROrQFLD�YHUEDO�H�DPHDoDV�GH�YLROrQFLD��E��DJUHVVmR�ItVLFD��PHVPR�TXH�GH� OHYH�� GR� WLSR� HPSXUUmR� HWF��� F�� WUDWDPHQWR� DRV� JULWRV�� G�� DVVpGLR� RX� DJUHVVmR�VH[XDO´�

$JXLDU��� FLWD� FDVRV�GH�DVVpGLR�PRUDO�SRU�� ³D��PRWLYRV� UHOLJLRVRV��E��SRU� UHVLVWrQFLD� j� SDGURQL]DomR�� F�� SRU� VHU� UHSUHVHQWDQWH� VLQGLFDO�� G�� SRU� UHYLVWD�SHVVRDO�� H�� SRU� DWRV� GH� LPSURELGDGH�� I�� HP� IXQomR� GH� GRHQoD�� J�� SRU� RULHQWDomR�VH[XDO��K��SRU�PDXV�WUDWRV��UHVFLVmR�LQGLUHWD���L��SRU�UDFLVPR´��

2� DXWRU� H[HPSOLILFD� FLWDQGR� R� FDVR� TXH� HQVHMRX� SHGLGR� GH�LQGHQL]DomR�SRU�GDQR�PRUDO�SHOD�LPSRVLomR�SHOR�HPSUHJDGRU��GR�XVR�GH�YHVWLPHQWDV�WtSLFDV�� DOXVLYDV� D� IHVWDV� SRSXODUHV� H� GH� FXQKR� UHOLJLRVR� H� FULVWmR�� H� SHOR� XVR�LQGHYLGR� GH� VXD� LPDJHP�FRPR� ³FDLSLUD´� HP� SURPRomR� MXQLQD�� VHQGR� REULJDGD� D�SDUWLFLSDU� GR� HYHQWR� GH� YHQGDV� QXPD� EDUUDFD� PRQWDGD� QR� PHLR� GR� ORFDO� RQGH�WUDEDOKD��(�DLQGD�FLWD�R�FDVR�GD�GHPLVVmR�SRU�MXVWD�FDXVD�GR�UHSUHVHQWDQWH�VLQGLFDO��VXSRVWDPHQWH�PRWLYDGD�SHOD�HPEULDJXH]�GXUDQWHR�VHUYLoR�

4XDQWR� D UHYLVWD� SHVVRDO�� $JXLDU� FRQFOXL� TXH�� ³>���@� QmR� FRQILJXUD�TXDOTXHU� LOtFLWR��GHVGH�TXDQGR�QmR�WUDQVERUGH�R�UD]RiYHO�D�SRQWR�GH�FDUDFWHUL]DU�R�DEXVR�GH�GLUHLWR´�

��� $/.,0,1��������S������� $*8,$5��������S����

Page 70: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

4XDQWR�DRV�DWRV�GH�LPSURELGDGH��FLWRX�H[HPSORV�GH�IXUWRV�H�URXERV�VXSRVWDPHQWH�SUDWLFDGRV�SHOR�HPSUHJDGR��VHJXLGR�GH�GHPLVVmR�SRU�MXVWD�FDXVD�

2� DVVpGLR� PRUDO� HP� IXQomR� GH� GRHQoD�� SDUD� D� DXWRUD� p�FDUDFWHUL]DGR�TXDQGR�R�³HPSUHJDGR�DGRHFLGR��WHQGR�FRQVWDQWH�XVR�GH�OLFHQoD�SDUD�WUDWDPHQWR�GH�VD~GH��ID]�SDUWH�GR�JUXSR�TXH�p�SHUVHJXLGR�QD�RUJDQL]DomR´�

&RPHWD�$ONLPLQ�����TXH�R�HPSUHJDGR�DFLGHQWDGR�RX�DGRHFLGR�VRIUH�GLVFULPLQDomR�

>���@� R�DVVpGLR�PRUDO�p�DJUDYDGR��SRLV�R�HPSUHJDGR�SRGH� WHU� ILFDGR�DGRHFLGR�HP�UD]mR�GR�DVVpGLR��H��XPD�YH]�DGRHFLGR��DFDED�VHQGR�SUHVD� IiFLO� SDUD� QRYDV�DWLWXGHV�DVVHGLDQWHV� ±��TXH� VmR� LVRODGRV�RX�FRORFDGRV� SDUD� ROKDU� RV� FROHJDV� WUDEDOKDUHP�� WHP� VDOiULRV�GLPLQXtGRV�RX�VmR�UHEDL[DGRV�GH�IXQomR��TXDQGR�QmR�VmR�GHPLWLGRV�GXUDQWH� RX� ORJR� DSyV� R� WpUPLQR� GR� SHUtRGR� GH� HVWDELOLGDGH�� VRIUH�FRQWUROH�GDV�LGDV�DR�PpGLFR�HWF�

$JXLDU��� FRPHQWD�TXH�

8PD� YH]� DGRHFLGR�� R� WUDEDOKDGRU� SHUGH� D� VXD� LPSRUWkQFLD��WUDQVIRUPD�VH� QXP� µIDUGR¶� SDUD� RV� DGPLQLVWUDGRUHV�� 2� IDWR� GH� VHU�SRUWDGRU� GR� +,9� QmR� VLJQLILFD�� QHFHVVDULDPHQWH�� TXH� QmR� VH�SURGX]LUi�PDLV��$�KXPLOKDomR��DTXL��VXUJLX�D�SDUWLU�GR�PRPHQWR�HP�TXH�VH�H[FOXLX�GR�SURFHVVR�SURGXWLYR�XP�HPSUHJDGR�HP�SOHQD�IRUPD�GH� WUDEDOKR�� VHP� PDQLIHVWDomR� ItVLFD� GH� QHQKXP� VLQWRPD� TXH� R�LPSHGLVVH�GH�H[HUFHU�VXD�IXQomR�RULJLQDO�

0DUJDULGD�%DUUHWR���� HP�VXD�REUD�³9LROrQFLD��VD~GH�H�WUDEDOKR��XPD�MRUQDGD�GH�KXPLOKDo}HV �́ FRPHQWD�TXH��

,PSRUWD�GHVWDFDU�TXH�HVWDU�RX�VHQWLU�DGRHFLGR�SRGH�ID]HU�µGHVSHQFDU¶�R� H[LVWLU�� FRORFDQGR� HP�QRYD� RUGHP�DV� HPRo}HV��2� KXPLOKDGR�� DR�VHQWLU�VH� LQFDSD]�� LQ~WLO� H� LPSUHVWiYHO�� SDVVD� D� µYLYHU� XPD� YLGD¶�FRQWUDtGD�� WHFLGD� SRU� VHQWLPHQWRV� WULVWHV� H� VRIULPHQWR�� $� YLGD� VHP�VHQWLGR� LQWHUGLWD� D� VD~GH�� UHYHODQGR� R� DGRHFHU� DOpP� GR� FRUSR�� HP�µFRPSOH[D�LQWHUDomR�HQWUH�RV�DVSHFWRV�ItVLFRV��SVLFROyJLFRV��VRFLDLV�H�

��� $/.,0,1��RS��FLW��S������� $*8,$5��������S�������� %$55(72��������S�����

Page 71: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

DPELHQWDLV� GD� FRQGLomR� KXPDQD���� �0LQD\R�� ������ S������ HP� VXD�VLQJXODULGDGH H�SDUWLFXODULGDGH�

(�D�DXWRUD��� FRPSOHPHQWD��

6H� D� GRHQoD� GHVRULHQWD� H� H[LJH� QRYDV� QRUPDV� SDUD� FRQWLQXDU� H�UHVLVWLU�� VmR� RV� WUDEDOKDGRUHV� H� DV� WUDEDOKDGRUDV� TXH� QRV� HQVLQDP�DFHUFD�GHVVH�µDFRQWHFLPHQWR¶��WDQWR�LQGLYLGXDO�TXDQWR�VRFLDO��TXDQGR�DILUPDP�� µDQWHV��TXDQGR�HX�GDYD�SURGXomR����HUD�ERP�SUD�HPSUHVD��(X�HUD�ERD�IXQFLRQiULD��)RL�SHUGHU�PLQKD�VD~GH�QD�HPSUHVD�H�DJRUD�Mi�QmR�VLUYR�SUD�HOHV��SRUTXH�HVWRX�GRHQWH��0H�VLQWR�GHVRULHQWDGD��(X�TXHUR� PLQKD� VD~GH� GH� YROWD¶� �RSHUDGRUD� GH�PiTXLQDV� GR� VHWRU� GH�FRVPpWLFRV��������

+LULJR\HQ��� FRPHQWD�TXH�

2� DVVpGLR� PRUDO� p� XP� GRV� PDLRUHV� IDWRUHV� GH� RULJHP� GR� VWUHVVSURILVVLRQDO� TXH�� SRU� VXD� YH]�� SRGH� HYROXLU� SDUD� GHVHQFDGHDU�GLYHUVRV� WLSRV� GH� GRHQoDV� QR� WUDEDOKDGRU� �PHODQFROLD�� GHSUHVVmR��SUREOHPDV� QR� VLVWHPD� QHUYRVR�� QR� DSDUHOKR� GLJHVWLYR�� QR� DSDUHOKR�FLUFXODWyULR��HQ[DTXHFD��FHIDOpLDV��GLVW~UELRV�GH�VRQR��HWF����SRGHQGR�WUD]HU� FRQVHT�rQFLDV� WUDXPiWLFDV�DWp�PHVPR�XPD�GHVHVWDELOL]DomR�SHUPDQHQWH�

$� SUiWLFD� GR� DVVpGLR� PRUDO�� TXH� DWHQWH� FRQWUD� D� VXD� GLJQLGDGH� H�LQWHJULGDGH� SVtTXLFD� RX� ItVLFD�� p� SDVVtYHO� GH� LQGHQL]DomR�� QR� SODQR� SDWULPRQLDO� H�PRUDO�� DOpP� GH� SHUPLWLU� D� UHVROXomR� GR� FRQWUDWR�� GHQWUR� RXWUDV�PHGLGDV� SDOLDWLYDV�TXH� SRGHP� VHU� DGRWDGDV� SHODV� HPSUHVDV�� D� ILP� GH� H[FOXtUHP� WDLV� SUiWLFDV�� FRPR�SROtWLFDV�GH�RULHQWDomR�H�DFRPSDQKDPHQWR�SVLFROyJLFR�GRV�DJUHVVRUHV�

��� ,G��,ELG���S������� +,5,*2<(1��������S�����

Page 72: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

��� &216(4hÇ1&,$6� '2� $66e',2� 025$/� 3$5$� 2� 75$%$/+$'25� (�3$5$�2�(035(*$'2�$66(',$17(

8PD� GDV� SULQFLSDLV� FRQVHT�rQFLDV� JHUDGDV� SHOR� DVVpGLR�PRUDO� QR�DPELHQWH�GH�WUDEDOKR VmR�JUDYDPHV�j�VD~GH�ItVLFD�H�PHQWDO�GD�YtWLPD��WUDEDOKDGRU���FDXVDQGR�HVWH�UHVXOWDGR�PDLV�LPHGLDWR��GDQRV�VXEVWDQFLDLV�DR�DPELHQWH�GH�WUDEDOKR�FRPR� XP� WRGR�� R� TXH� JHUD� SUHMXt]RV� FRQFUHWRV� j� HPSUHVD�� XPD� YH]� TXH� D�FDSDFLGDGH� ODERUDO�� QmR� Vy� GD� YtWLPD�� PDV� WDPEpP� GH� VHXV� FRPSDQKHLURV� GH�WUDEDOKR�� DFDED� SRU� VHU� SUHMXGLFDGD�� WHQGR� FRPR� FRQVHT�rQFLDV� D� SHUGD� GH�SURGXWLYLGDGH��

0DXUR�$]HYHGR�GH�0RXUD��� FRPHQWD�TXH�³R�DVVpGLR�PRUDO�SURYRFD�XP� LPSDFWR� GHYDVWDGRU� QD� µVD~GH� VRFLDO¶� GR� LQGLYtGXR�� DWLQJLQGR�R� HP� WRGDV� DV�GLPHQV}HV�GH�VXD�YLGD��3HUGH�VH R�HPSUHJR��RV�FROHJDV�H�D IDPtOLD�VH�DIDVWDP��DV�UHODo}HV� VH� URPSHP�� RV� FXVWRV� FRP� WUDWDPHQWR� GH� VD~GH� DXPHQWDP�� D� UHQGD�GLPLQXL´�

$ONLPLQ��� DSRQWD� RV� VHJXLQWHV� IDWRUHV� FRPR� FRQVHT�rQFLDV� DR�WUDEDOKDGRU��SUHMXt]RV�j�VD~GH�SVtTXLFD�H�ItVLFD��DR�FRQYtYLR�VRFLDO�H�IDPLOLDU��EDL[D�HVWLPD�SHVVRDO�H�SURILVVLRQDO��DXPHQWR�RX�TXHGD�GH�SURGXWLYLGDGH��H�FRPHQWD�

2V�DWRV��JHVWRV��SDODYUDV��HQILP��TXDOTXHU�FRQGXWD�RX�DWLWXGH�GLULJLGD�VLVWHPDWLFDPHQWH� FRQWUD� R� HPSUHJDGR� LQYDGH� D� HVIHUD� GH� VXD� YLGD�tQWLPD�H�SURILVVLRQDO��PDFXODQGR�VHXV�GLUHLWRV�GH�SHUVRQDOLGDGH��FRP�JUDYHV�FRQVHT�rQFLDV�j�VXD�LQWHJULGDGH�ItVLFR�SVtTXLFD��DIHWDQGR�VXD�DXWR�HVWLPD�H�SURGXWLYLGDGH�� OHYDQGR�j�GHJUDGDomR�GR�DPELHQWH�GH�WUDEDOKR�H�GHVTXDOLILFDQGR�D�TXDOLGDGH�GH�YLGD�QR�WUDEDOKR��SRGHQGR��LQFOXVLYH��UHIOHWLU�VH�QD�HVIHUD�SDWULPRQLDO��LVWR�SRUTXH�SRGHUi�UHGX]LU�j�VLWXDomR�GH�GHVHPSUHJR�H�HVFDVVH]�GH�UHFXUVRV�QmR�DSHQDV�SDUD�VREUHYLYrQFLD��FRPR�WDPEpP�SDUD�WUDWDPHQWR�GDV�VHT�HODV�j�VD~GH�FDXVDGDV�SHOD�FRQGXWD�DVVHGLDQWH�

$OpP� GLVVR�� RV� UHIOH[RV� GH� TXHP� VRIUH� D� KXPLOKDomR� VmR�VLJQLILFDWLYRV� H� YmR� GHVGH�� D� TXHGD� GD� DXWR�HVWLPD� SHVVRDO� H� SURILVVLRQDO��GHSUHVVmR�� DQJ~VWLD�� HVWUHVVH�� FULVHV� GH� FRPSHWrQFLD�� FULVHV� GH� FKRUR�� PDO�HVWDU�ItVLFR� H� PHQWDO�� FDQVDoR� H[DJHUDGR�� IDOWD� GH� LQWHUHVVH� SHOR� WUDEDOKR��LUULWDomR���� 0285$��0DXUR�$]HYHGR�GH��$VVpGLR�PRUDO� 3RUWR�$OHJUH��1~FOHR�&ULDomR�H�3URGXomR��������S������� $/.,0,1��������S����

Page 73: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

FRQVWDQWH�� LQV{QLD�� DOWHUDo}HV� QR� VRQR�� SHVDGHORV�� GLPLQXLomR� GD� FDSDFLGDGH� GH�FRQFHQWUDomR� H� PHPRUL]DomR�� LVRODPHQWR�� WULVWH]D�� UHGXomR� GD� FDSDFLGDGH� GH� VH�UHODFLRQDU� FRP� RXWUDV� SHVVRDV� H� ID]HU� DPL]DGHV�� DXPHQWR� GH� SHVR� RX�HPDJUHFLPHQWR� H[DJHUDGR�� DXPHQWR� GD� SUHVVmR� DUWHULDO�� SUREOHPDV� GLJHVWLYRV��WUHPRUHV� H� SDOSLWDo}HV�� UHGXomR� GD� OLELGR�� VHQWLPHQWR� GH� FXOSD� H� SHQVDPHQWRV�VXLFLGDV��XVR�GH�iOFRRO�H�GURJDV��H�WHQWDWLYD�GH�VXLFtGLR��

0DUJDULGD� %DUUHWR��� FRPHQWD� ³R� DVVpGLR� JHUD� JUDQGH� WHQVmR�SVLFROyJLFD�� DQJ~VWLD�� PHGR� GH� ILFDU� VR]LQKD� QR� SRVWR� GH� WUDEDOKR�� VHQWLPHQWR� GH�FXOSD�H�DXWRYLQJLOkQFLD�DFHQWXDGD��'HVDUPRQL]D�DV�HPRo}HV�H�SURYRFD�GDQRV�ItVLFRV�H�PHQWDLV��FRQVWLWXLQGR�VH�HP�IDWRU�GH�ULVFR�j�VD~GH�QDV�RUJDQL]Do}HV�GH�WUDEDOKR´�

(� DLQGD� D� DXWRUD��� UHODWD� D� PDQLIHVWDomR� GD� YLROrQFLD� SUDWLFDGD�FRQWUD�DV�PXOKHUHV�H�DSRQWD�H[HPSORV��

,QWHUGLWDU� D� ILVLRORJLD�� ILVFDOL]DU� DV� LGDV� DR�PpGLFR�� LQWLPLGDU�� SURLELU�IDODU�� LQIHULRUL]DU�� GHVTXDOLILFDU� SURILVVLRQDOPHQWH�� HVSDOKDU� ERDWRV��DPHDoDU�� FRQVWUDQJHU�� DVVHGLDU� H� FKDPDU� D� DWHQomR� HP� S~EOLFR��YDORUL]DU� RV� WUDEDOKDGRUHV� TXH� KXPLOKDP� VHXV� FROHJDV�� HVWLPXODU�ULYDOLGDGHV�� SURPRYHU� XPD� UHFpP�FKHJDGD� DR� VHWRU� HP� GHWULPHQWR�GR�VDEHU�ID]HU�H�GD�H[SHULrQFLD�GD�RXWUD��HVFRQGHU�XPD�IHUUDPHQWD�GH� WUDEDOKR� H� DFXVDU�� ERLFRWDU� LQIRUPDo}HV� DFHUFD� GD� WDUHID� RX�GHVRUJDQL]DU�H�VXMDU�R�SRVWR�GH�WUDEDOKR�QD�DXVrQFLD�GR�WUDEDOKDGRU��IRUoDQGR�R�D� OLPSDU� GLDULDPHQWH� H�VHJXLGDV� YH]HV��PXGDU� GH�SRVWR�RX�UHWLUDU�RV�LQVWUXPHQWRV�QHFHVViULRV�j�H[HFXomR�GD�WDUHID�

2XWUD�SRVVtYHO�FRQVHT�rQFLD��PXLWR�JUDYH��p�D�GRHQoD�RFXSDFLRQDO�FRQKHFLGD� FRPR� 6tQGURPH� GH� %XUQRXW����� 8PD� GRHQoD� FDXVDGD� SHOR� HVWUHVVH�H[WUHPR�QR�WUDEDOKR��

6RE�R�SRQWR�GH�YLVWD�SUHYLGHQFLiULR��D�VLWXDomR�JHUDGD�SHOR�SURFHVVR�GH�DVVpGLR�PRUDO�ODQoD�DRV�KRVSLWDLV��RV�WUDEDOKDGRUHV�TXH��GLUHWD�RX�LQGLUHWDPHQWH��

��� %$55(72��������S�������� ,G��,ELG���S�������� 6tQGURPH�GH�%XUQRXW�p�GHILQLGD�SRU�DOJXQV�DXWRUHV�FRPR�XPD�GDV�FRQVHT�rQFLDV�PDLV�PDUFDQWHV�GR�HVWUHVVH�SURILVVLRQDO��H�VH�FDUDFWHUL]D�SRU�H[DXVWmR�HPRFLRQDO��DYDOLDomR�QHJDWLYD�GH�VL�PHVPR��GHSUHVVmR� H� LQVHQVLELOLGDGH� FRP� UHODomR�D�TXDVH� WXGR�H� WRGRV� �DWp� FRPR�GHIHVD�HPRFLRQDO���2�WHUPR�%XUQRXW�p�XPD�FRPSRVLomR�GH�EXUQ TXHLPD�H�RXW H[WHULRU��VXJHULQGR�DVVLP�TXH�D SHVVRD�FRP� HVVH� WLSR� GH� HVWUHVVH� FRQVRPH�VH� ItVLFD� H� HPRFLRQDOPHQWH�� SDVVDQGR� D� DSUHVHQWDU� XP�FRPSRUWDPHQWR�DJUHVVLYR�H�LUULWDGLoR�

Page 74: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

LUmR�RQHUDU�R�VLVWHPD�GH�VD~GH�S~EOLFR��SHUSHWUDQGR�JDVWRV�UHOHYDQWHV�GR�RUoDPHQWR�UHODFLRQDGR�j�VD~GH�

$�QRVVD�/HJLVODomR�3UHYLGHQFLiULD� Q������������� HP�VHX�DUWLJR� ���LQGLFD�DV�VLWXDo}HV�TXH�FRQILJXUDP�DV�GRHQoDV�SURILVVLRQDLV�H�RFXSDFLRQDLV� FRPR�DFLGHQWH�GR�WUDEDOKR��D�VDEHU�

&RQVLGHUDP�VH�DFLGHQWH� GR� WUDEDOKR�� QRV� WHUPRV�GR�DUWLJR� DQWHULRU��DV� VHJXLQWHV� HQWLGDGHV� PyUELGDV�� ,� GRHQoD� SURILVVLRQDO�� DVVLP�HQWHQGLGD�D�SURGX]LGD�RX�GHVHQFDGHDGD�SHOR�H[HUFtFLR�GR� WUDEDOKR�SHFXOLDU� D� GHWHUPLQDGD�DWLYLGDGH� H� FRQVWDQWH� GD� UHVSHFWLYD� UHODomR�HODERUDGD� SHOR� 0LQLVWpULR� GR� 7UDEDOKR� H� GD� 3UHYLGrQFLD� 6RFLDO�� ,,�GRHQoD�GR� WUDEDOKR��DVVLP�HQWHQGLGD�D�DGTXLULGD�RX�GHVHQFDGHDGD�HP�IXQomR�GH�FRQGLo}HV�HVSHFLDLV�HP�TXH�R� WUDEDOKR�p� UHDOL]DGR�H�FRP�HOH�VH�UHODFLRQH�GLUHWDPHQWH��FRQVWDQWH�GD�UHODomR�PHQFLRQDGD�QR� LQFLVR� ,�� ������ �� ��� (P� FDVR� H[FHSFLRQDO�� FRQVWDWDQGR�VH� TXH� D�GRHQoD�QmR�LQFOXtGD�QD�UHODomR�SUHYLVWD�QRV�LQFLVRV�,�H�,,�GHVWH�DUWLJR�UHVXOWRX�GDV�FRQGLo}HV�HVSHFLDLV�HP�TXH�R� WUDEDOKR�p�H[HFXWDGR�H�FRP� HOH� VH� UHODFLRQD� GLUHWDPHQWH�� D� 3UHYLGrQFLD� 6RFLDO� GHYH�FRQVLGHUi�OD�DFLGHQWH�GR�WUDEDOKR�

3RUWDQWR��FRQFOXL�VH�TXH�DV�GRHQoDV�SURGX]LGDV�RX�GHVHQFDGHDGDV�SHOR�H[HUFtFLR�GR�WUDEDOKR�VmR�GRHQoDV�SURILVVLRQDLV�

4XDQWR� DV� FRQVHT�rQFLD� GR DVVpGLR� PRUDO� SDUD� R� HPSUHJDGR�DVVHGLDQWH��D�SULQFLSDO�GHODV�p�D GHVSHGLGD�SRU�MXVWD�FDXVD��$ONLPLQ�FRPHQWD�TXH�³p�UHOHYDQWH�SRQGHUDU�TXH�R�VXSHULRU�KLHUiUTXLFR��RX�VHMD��R�FKHIH��VXSHUYLVRU��JHUHQWH�HWF��� TXH�SUDWLFD�DVVpGLR�PRUDO� WDPEpP�SRGHUi� VRIUHU� DVFRQVHT�rQFLDV�GR�SRGHU�GLVFLSOLQDU� GR�HPSUHJDGRU�� HP�HVSHFLDO�� WHU� R� FRQWUDWR� GH� WUDEDOKR� UHVFLQGLGR� FRP�HQTXDGUDPHQWR� HP� XPD� GDV� MXVWDV� FDXVDV� SUHYLVWDV� QR� DUW����� GD� &/7� H�UHVSHFWLYRV�LQFV��µE¶��µM¶H�µN¶�´�9HMD�VH�

$UW����� &RQVWLWXHP� MXVWD� FDXVD� SDUD� UHVFLVmR� GR� FRQWUDWR� GH�WUDEDOKR�SHOR�HPSUHJDGRU��E� LQFRQWLQrQFLD�GH�FRQGXWD�RX�PDX�SURFHGLPHQWRM� DWR� OHVLYR� GD� KRQUD� RX� GD� ERD� IDPD� SUDWLFDGR� QR� VHUYLoR� FRQWUD�TXDOTXHU�SHVVRD��RX�RIHQVDV� ItVLFDV��QDV�PHVPDV�FRQGLo}HV�� VDOYR�HP�FDVR�GH�OHJtWLPD�GHIHVD��SUySULD�RX�GH�RXWUHP�N� DWR�OHVLYR�GH�KRQUD�H�ERD�IDPD�RX�RIHQVDV�ItVLFDV�SUDWLFDGD�FRQWUD�R�HPSUHJDGRU��

��� %5$6,/��/HL�Q��������GH����GH�MXOKR�GH������

Page 75: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

9HULILFD�VH� TXH� R� DJUHVVRU� DWLQJH� VHX� REMHWLYR� TXDQGR� FRQVHJXH�H[FOXLU� D� YtWLPD� GDV� VXDV� IXQo}HV� ODERUDLV��PDV� LQIHOL]PHQWH�� QmR� p� DSHQDGR� FRP�XPD WLSLILFDomR�OHJDO�HVSHFtILFD��UHVWDQGR�OKH�DSHQDV�R�HQTXDGUDPHQWR�QD�GHPLVVmR�SRU�MXVWD�FDXVD�H�DOJXPDV�FRQILJXUDo}HV�GH�FULPH��FRQIRUPH�DSRQWDPRV�DEDL[R�

3DVVD�VH� D� DQDOLVDU� DV� FRQVHT�rQFLDV� GD� FRQGXWD� GR� HPSUHJDGR�DVVHGLDGRU�� QR� kPELWR� SHQDO�� SRLV�� QmR�Ki� WLSR� SHQDO� HVSHFtILFR� QR� RUGHQDPHQWR�MXUtGLFR�TXH�UHJXODPHQWH�D�SUiWLFD�GR�DVVpGLR�PRUDO��R�TXH�Ki��VmR�3URMHWRV�GH�/HL�)HGHUDO��TXH�YLVDP�WLSLILFDU�FULPLQDOPHQWH�R�DVVpGLR�PRUDO�QR�DPELHQWH�GH�WUDEDOKR��

2�3URMHWR�GH�/HL�)HGHUDO�Q������������DOWHUD�GLVSRVLWLYRV�GR�&yGLJR�3HQDO�LQFOXLQGR�D�DOtQHD�$ DR�DUW������H�WLSLILFD�D�FRDomR�PRUDO�FRPR�FULPH��YHMD�VH�

$UW����� $�&RDJLU�PRUDOPHQWH�HPSUHJDGR�QR�DPELHQWH�GH� WUDEDOKR��DWUDYpV� GH� DWRV� RX� H[SUHVV}HV� TXH� WHQKDP� SRU� REMHWLYR� DWLQJLU� D�GLJQLGDGH� RX� FULDU� FRQGLo}HV� GH� WUDEDOKR� KXPLOKDQWHV� RX�GHJUDGDQWHV�� DEXVDQGR� GD� DXWRULGDGH� FRQIHULGD� SHOD� SRVLomR�KLHUiUTXLFD��3HQD��GHWHQomR�GH����XP��D����GRLV��DQRV��H�PXOWD�

2�3URMHWR�GH�/HL�)HGHUDO�Q�������������TXH�LQWURGX]�R�DUW�����$�QR�&yGLJR�3HQDO�%UDVLOHLUR��SDUD�WLSLILFDU�FRPR�FULPH�SUiWLFDV�DOXVLYDV�DR�DVVpGLR�PRUDO�QR�DPELHQWH�GH�WUDEDOKR��QRV�VHJXLQWHV�WHUPRV�

$UW����� $�� 'HVTXDOLILFDU�� UHLWHUDGDPHQWH�� SRU� PHLR� GH� SDODYUDV��JHVWRV� RX� DWLWXGHV�� H� DXWR�HVWLPD�� D� VHJXUDQoD� RX� D� LPDJHP� GR�VHUYLGRU� S~EOLFR� RX� HPSUHJDGR� HP� UD]mR� GH� YtQFXOR� KLHUiUTXLFR�IXQFLRQDO�RX� ODERUDO��3HQD��GHWHQomR�GH����WUrV��PHVHV�D�XP�DQR�H�PXOWD�

(VVD� UHGDomR� IRL� PRGLILFDGD� SHOD� &RPLVVmR� GH� &RQVWLWXLomR� H�-XVWLoD�GR�&RQJUHVVR�1DFLRQDO�� SDUD�D� LQFOXVmR�GD�DOtQHD�$ DR�DUW�����GR�&yGLJR�SHQDO��HP�OXJDU�GR�DUW������FRP�RV�VHJXLQWHV�WHUPRV�

$UW����� $��'HSUHFLDU��GH�TXDOTXHU�IRUPD�H�UHLWHUDGDPHQWH�D�LPDJHP�RX�R�GHVHPSHQKR�GH�VHUYLGRU�S~EOLFR�RX�HPSUHJDGR��HP� UD]mR�GH�VXERUGLQDomR� KLHUiUTXLFD� IXQFLRQDO� RX� ODERUDO�� VHP� MXVWD� FDXVD�� RX�

Page 76: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

WUDWi�OR� FRP� ULJRU� H[FHVVLYR�� FRORFDQGR� HP� ULVFR� RX� DIHWDQGR� VXD�VD~GH�ItVLFD�RX�SVtTXLFD��3HQD��GHWHQomR�GH�XP�D�GRLV�DQRV�

e�GHYHU�GH� WRGRV�QR�DPELHQWH�GH� WUDEDOKR�UHVSHLWDU�D�GLJQLGDGH�GR�HPSUHJDGR�� LQVHULGD� SHOD� &RQVWLWXLomR� )HGHUDO� FRPR� XP� GRV� SULQFtSLRV�IXQGDPHQWDLV�GD�SHVVRD�KXPDQD��SDUD�WDQWR��R�HPSUHJDGR�DVVHGLDGRU�VHUi�SXQLGR�TXDQGR�FRPHWH�WDO�FRQGXWD��TXHU�VHMD�SHOD�FDUDFWHUL]DomR�GD�MXVWD�FDXVD�QRV�WHUPRV�GR� DUW����� GD� &/7�� RX� DLQGD�� WDLV� FRQGXWDV� DVVHGLDQWHV� SRGHUmR� LJXDOPHQWH� VHU�WLSLILFDGDV� FRPR� FULPH�GH� FRQVWUDQJLPHQWR� LOHJDO�� GH� DFRUGR� FRP� DUWLJR� ���� GR�&yGLJR� 3HQDO� %UDVLOHLUR��� RX� DLQGD� SRGHUmR� VHU� HQTXDGUDGDV� QR� WLSR� SHQDO� GRV�FULPHV�FRQWUD�³FRQWUD�D�KRQUD´��GLIDPDomR��&3�DUW������� H�LQM~ULD�&3�DUW����������RX�QR�FULPH�GH�³SHULFOLWDomR�GD�YLGD�H�GD�VD~GH´��PDXV�WUDWRV��&3�DUW���������

��� &216(4hÇ1&,$6�'2�$66e',2�025$/�3$5$�$�(035(6$�

$V� FRQVHT�rQFLDV� JHUDGDV� SHOD� SUiWLFD� GR� DVVpGLR� PRUDO� QmR� VH�OLPLWDP�DSHQDV�D�SURYRFDU� OHVmR�j�VD~GH� ItVLFD�H�PHQWDO�GR� WUDEDOKDGRU�� DOpP�GH��FRQVHT�rQFLDV� HFRQ{PLFDV� GHQWUH� RXWUDV�� SDUD� D� HPSUHVD�� TXH� LQGLUHWDPHQWH�DIHWDUmR�R�SDWULP{QLR�GR�HPSUHJDGRU�

&RHOKR��� FLWD�3HWHU�6HQJH��TXH�FRPHQWD�

��� $UW���� ± &RQVWUDQJHU� DOJXpP�� PHGLDQWH� YLROrQFLD� RX� JUDYH� DPHDoD�� RX GHSRLV� GH� OKH� KDYHU�UHGX]LGR��SRU�TXDOTXHU�RXWUR�PHLR��D�FDSDFLGDGH�GH�UHVLVWrQFLD��D�QmR�ID]HU�R�TXH�D�OHL�SHUPLWH��RX�D�ID]HU�R�TXH�HOD�QmR�PDQGD��3HQD ± GHWHQomR��GH����WUrV��PHVHV�D����XP��DQR��RX�PXOWD�

��� $UW���� ± 'LIDPDU�DOJXpP�� LPSXWDQGR�OKH� IDWR�RIHQVLYR�j�VXD�UHSXWDomR��3HQD ± GHWHQomR��GH����WUrV��PHVHV�D����XP��DQR��H�PXOWD�

��� $UW���� ± ,QMXULDU�DOJXpP��RIHQGHQGR�OKH�D�GLJQLGDGH�RX�R�GHFRUR��3HQD ± GHWHQomR��GH����XP��D����VHLV��PHVHV��RX�PXOWD�

��� $UW���� ± ([SRU�D�SHULJR�D�YLGD�RX�D�VD~GH�GH�SHVVRD�VRE�VXD�DXWRULGDGH��JXDUGD�RX�YLJLOkQFLD��SDUD� ILP� GH� HGXFDomR�� HQVLQR�� WUDWDPHQWR� RX� FXVWyGLD�� TXHU� SULYDQGR�D� GH� DOLPHQWDomR� RX�FXLGDGRV� LQGLVSHQViYHLV��TXHU�VXMHLWDQGR�D�D WUDEDOKR�H[FHVVLYR�RX� LQDGHTXDGR��TXHU�DEXVDQGR�GH�PHLRV�GH�FRUUHomR�RX�GLVFLSOLQD��3HQD ± GHWHQomR��GH����GRLV��PHVHV�D����XP��DQR��RX�PXOWD�

��� &2(/+2�� 3HGUR 0�� $V� (PSUHVDV� FRPR� /HDUQLQJ� 2UJDQL]DWLRQV�� &RLPEUD�� 3RUWXJDO��'HSDUWDPHQWR�GH�(QJHQKDULD�,QIRUPiWLFD�GD�)DFXOGDGH�GH�&LrQFLD�H�7HFQRORJLD�GD�8QLYHUVLGDGH�GH�&RLPEUD�'LVSRQtYHO�HP��KWWS���ZZZ�GHL�XF�SW�JHVWDR�/2V�HPSUHVDV�ORBHPSUHVDV�KWPO��$FHVVR�HP�����QRY�������

Page 77: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

,PDJLQH�XPD�RUJDQL]DomR�FDSD]�GH�OLGDU�FRP�RV�SUREOHPDV�GH�KRMH�H�DSURYHLWDU�DV�RSRUWXQLGDGHV�GR�IXWXUR��,PDJLQH�XPD�RUJDQL]DomR�HP�TXH� WRGRV� IDODP�� H� RXYHP�� ,PDJLQH� XPD� RUJDQL]DomR� FDSD]� GH�DSOLFDU� QRYDV� WHRULDV�� WpFQLFDV� H� IHUUDPHQWDV�� GH� JHUDU� QRYRV�FRQKHFLPHQWRV��GH�DVVLPLODU�QRYRV�SDUDGLJPDV��HP�VXPD��FDSD]�GH�DFRPSDQKDU� D� PXGDQoD�� ,PDJLQH� XPD� HPSUHVD HP� TXH� WRGRV� RV�VHXV�PHPEURV��FDPLQKDP�SDUD�R�PHVPR�REMHWLYR��HP�TXH�WRGRV�VH�HPSHQKDP�HP�DSURIXQGDU�H�H[SDQGLU�DV�VXDV�FDSDFLGDGHV�HQTXDQWR�FROHWLYR��HQTXDQWR�XP�WRGR�

9RFr�HVWi�D�LPDJLQDU�XPD�OHDUQLQJ�RUJDQL]DWLRQ�2� DXWRU� GHQRPLQD� OHDUQLQJ� RUJDQL]DWLRQ� FRPR� D� FRQGLomR� GD�

HPSUHVD� GH UHDJLU� SURQWDPHQWH� jV� PXGDQoDV�� DQWHFLSDQGR�DV� RX�� HOD� PHVPD��SURPRYHQGR�D�QHFHVVLGDGH�GH�PXGDU��H�EXVFDQGR�XPD�SHUIHLWD�VLPHWULD�FRP�R�VHX�TXDGUR�IXQFLRQDO��

3RUpP� D� UHDOLGDGH� p� WRWDOPHQWH� RSRVWD�� R� DVVpGLR� PRUDO� QDV�RUJDQL]Do}HV� p� WHPD� SRXFR� GLVFXWLGR� H� PXLWDV� YH]HV� QHJOLJHQFLDGR� SHODV�RUJDQL]Do}HV��$� LQVWDELOLGDGH�GR�PHUFDGR�GH� WUDEDOKR�H� D� SROtWLFD� FRPSHWLWLYD� GDV�HPSUHVDV��SRGHP�VHU�HQTXDGUDGDV�FRPR�FDXVDV�GD�SUiWLFD�GR�DVVpGLR�PRUDO��

'H�XP�PRGR�JHUDO� RV�HIHLWRV�VmR�GDQRVRV�SDUD�D�HPSUHVD�TXDQGR�DWLQJHP�GLUHWDPHQWH�VXD�SROtWLFD�HFRQ{PLFD��SRLV��QD�PDLRULD�GRV�FDVRV��VHJXQGR�D�SHVTXLVDGRUD�+LULJR\HQ�����³R�SURFHVVR�GH�DVVpGLR�PRUDO�TXDVH�VHPSUH�WHUPLQD�FRP�D� VDtGD� GD� YtWLPD� GR� HPSUHJR� QXP� HVWDGR� GH� VD~GH� WmR� GHELOLWDGR�� TXH� DFDED�ILFDQGR�VHP�FRQGLo}HV�ItVLFDV�H�PHQWDLV�SDUD�VH�UHFRORFDU�QR�PHUFDGR´�

$OpP�GD�GHPLVVmR�GR�WUDEDOKDGRU�D�HPSUHVD�TXH�GHWpP�XPD�SROtWLFD�GH�JHVWmR�DJUHVVLYD�� YLVDQGR�R� OXFUR��H�SHUPLWLQGR��D�TXDOTXHU� FXVWR��D�SUiWLFD�GH�DVVpGLR� PRUDO� DWUDYpV� GH� SUHVV}HV� H� DPHDoDV�� FRPR� IRUPD� GH�JHUHQFLDPHQWR��DFDUUHWDUi�XP�SUHMXt]R�DLQGD�PDLRU��QmR�FRQWULEXLQGR�HP�QDGD�SDUD�D�OXFUDWLYLGDGH�H�R�GHVHQYROYLPHQWR�GD�HPSUHVD�

6HJXQGR�D�SHVTXLVDGRUD�+LULJR\HQ����� ³VH� WRUQD�HOHYDGR�R�FXVWR�GR�DVVpGLR� PRUDO�� VHMD� GLUHWD�� VHMD� LQGLUHWDPHQWH�� SRLV� SURYRFD� DEVHQWHtVPR� H�LQGHQL]Do}HV�� OHYD� j� SHUGD� GD� FRQILDQoD�� D� GHVPRWLYDomR�� JHUD� URWDWLYLGDGH� GH�IXQFLRQiULRV� �WXUQ�RYHU�´�� 6HJXQGR� HOD�� RIHUHFHU� FRQGLo}HV� LGHDLV� GH� WUDEDOKR�

��� +,5,*2<(1��������S�������� +,5,*2<(1��������S����

Page 78: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

DOLPHQWD�D�PRWLYDomR�� OHDOGDGH�H�R�DXPHQWR�GH�SURGXWLYLGDGH��D�GHVYDORUL]DomR�GR�WUDEDOKDGRU�HP�VHX�DPELHQWH�ODERUDO�WHP�FRPR�UHVXOWDGR�R�GHVSHUGtFLR�GH�WDOHQWRV��R� FRPSURPHWLPHQWR� GD� VD~GH� GHVVH� WUDEDOKDGRU� H� D SHUGD� HP� UHVXOWDGRV�HFRQ{PLFRV�

0DUJDULGD� %DUUHWR� DSRQWD� FRPR� FRQVHT�rQFLD� SDUD� D� HPSUHVD�� D�TXHGD�QD�SURGXWLYLGDGH�GXUDQWH�D�SUiWLFD�GR�DVVpGLR�PRUDO�H�D�DXWRUD��� FRPHQWD��³HP� EXVFD� GH� PDLRUHV� OXFURV�� PXLWDV� HPSUHVDV� DWUHODP� D� FHVWD� EiVLFD� j�SURGXWLYLGDGH��D�DWHVWDGRV�PpGLFRV�H�DFLGHQWHV��6H�D�SURGXWLYLGDGH�QmR�XOWUDSDVVD�D�PHWD��RV�FKHIHV�HVEUDYHMDP�H�JULWDP�FRP�RV�µHVFROKLGRV¶��FXOSDQGR�RV�SHORV�µEDL[RV¶�UHVXOWDGRV´�

6HJXQGR� D� DXWRUD� ³R� WUDEDOKDGRU� TXDOLILFDGR� p� DTXHOH� TXH� PDLV�SURGX]�H�QmR�VH�TXHL[D��TXH�VLOHQFLD�D�GRU��5HODWDP�TXH�D�TXHGD�GD�SURGXWLYLGDGH�HVWi�LQWULQVHFDPHQWH�DWUHODGD�jV�GLVFULPLQDo}HV��PXLWDV�YH]HV�VXWLV�H�H[SOtFLWDV�HP�ULVLQKRV� H� FRQYHUVDV� D� GLVWkQFLD�� HP� ROKDUHV� LU{QLFRV�� HP� IDODV� DWUDYHVVDGDV� H�LQGLUHWDV��HP�WRP�EDL[R��LQFHQWLYDQGR�D�PDOHGLFrQFLDV�H�IRIRFDJHP´�

0DUJDULGD� %DUUHWR��� FRQFOXL� FRPHQWDQGR� D� TXH� TXHGD� GH�SURGXWLYLGDGH� GHPDUFD� R� ILP� GDV� UHODo}HV�� H[SOLFLWDQGR� R� FRQIOLWR� DOpP� GDV�DSDUrQFLDV�� SRLV� R� TXH� LPSRUWD� ³QmR� p� D� VD~GH� GR� WUDEDOKDGRU�� PDV� D� VD~GH�QHFHVViULD�GD�SURGXomR �́

0DUFLD�1RYDHV�*XHGHV��� DOHUWD� TXH� ³HP� XP� SURFHVVR� GH� DVVpGLR�PRUDO�� RV� HIHLWRV� QmR� VH� FLUFXQVFUHYHP� DR� kPELWR� GD� YtWLPD� DSHQDV�� FRQWDPLQDP�WRGR�R�FRUSR�IXQFLRQDO��QD�PHGLGD�HP�TXH�R�WUDEDOKR�GHVHQYROYLGR�SHOR�JUXSR�WRUQD�VH� PHQRV� HILFD]�� DXPHQWDP�VH� jV� FUtWLFDV� DR� HPSUHJDGRU�� H� GHVHQYROYH�VH� XPD�WHQGrQFLD�D�H[DJHUDUHP�VH�QRV�SUREOHPDV´�

(� D� DXWRUD� DILUPD� ³R� PDLRU� FXVWR� UHVLGLULD� QDV� DXVrQFLDV� SRU�GRHQoDV�� FRP� DV� VXEVWLWXLo}HV� GRV� HPSUHJDGRV� DIDVWDGRV� H� FRP� RV� SURFHVVRV�MXGLFLDLV´�

3DUD� +iGDVVD� 'RORUHV� %RQLOKD� )HUUHLUD��� ³DV� FRQVHT�rQFLDV�HFRQ{PLFDV� DWLQJHP�� WDPEpP�� D� VRFLHGDGH� FRPR� XP� WRGR�� XPD� YH]� TXH� PDLV���� %$55(72��������S�������� ,G��,ELG���S�������� *8('(6��������S������� )(55(,5$��������S�������

Page 79: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

SHVVRDV� HVWDUmR� JR]DQGR� GH� EHQHItFLRV� SUHYLGHQFLiULRV� WHPSRUiULRV�� RX� PHVPR�SHUPDQHQWHV�� HP� YLUWXGH� GD� LQFDSDFLGDGH� DGTXLULGD�� VREUHFDUUHJDQGR�� DVVLP� D�3UHYLGrQFLD�6RFLDO´�

6HJXQGR� D� DXWRUD� $ONLPLQ��� ³R� DVVpGLR� PRUDO� HQJHGUD� SUHMXt]RV�HFRQ{PLFRV�SDUD�D�RUJDQL]DomR�HPSUHVDULDO��DIHWDQGR�GLUHWDPHQWH�D�SURGXWLYLGDGH�H�OXFUDWLYLGDGH�SHOR�DEVHQWHtVPR�H�URWDWLYLGDGH�GH�PmR�GH�REUD��GHYHQGR�VH�DFUHVFHU�DLQGD�� R� DOWR� FXVWR� FRP� R� SDJDPHQWR� GRV� GLUHLWRV� UHVFLVyULRV� H� LQGHQL]Do}HV�FRPSHQVDWyULDV��DOpP�GR�FXVWHLR�GDV�LQGHQL]Do}HV�SRU�GDQR�PRUDO�H�PDWHULDO´��

0DXUR� $]HYHGR� GH� 0RXUD��� GH� IRUPD� EDVWDQWH� FODUD� H� SUHFLVD��DSRQWD� XPD� FODVVLILFDomR� SDUD� DV� SHUGDV� GD� HPSUHVD� UHSUHVHQWDGD� HP� FXVWRV�WDQJtYHLV� H� LQWDQJtYHLV�� ³2V� SULPHLURV� HVWDULDP� UHSUHVHQWDGRV� SHOR� DXPHQWR� GR�DEVHQWHtVPR�DR�WUDEDOKR��HP�UD]mR�GRV�DIDVWDPHQWRV�H�GDV�IDOWDV�SRU�GRHQoD��SHOD�GLPLQXLomR� GD� SURGXWLYLGDGH� H� GD� TXDOLGDGH� GR� WUDEDOKR�� SHORV� JDVWRV� FRP�VXEVWLWXLomR�GH�SHVVRDO��(QWUH�RV�FXVWRV�LQWDQJtYHLV�HVWDULDP�j�SHUGD�GD�PRWLYDomR�H�GD� FULDWLYLGDGH�� R� DEVHQWHtVPR� SVLFROyJLFR� �R� HPSUHJDGR� HVWD� DSHQDV� ILVLFDPHQWH�SUHVHQWH���D�VDERWDJHP�H�R�GHVJDVWH�S~EOLFR�GD�LPDJHP�GD�HPSUHVD´�

2V� HIHLWRV� GR� DVVpGLR� PRUDO� DFDEDP� UHSHUFXWLQGR� QD� VRFLHGDGH�FRPR� XP� WRGR�� LQGHSHQGHQWH� GH� XPD� DomR� GLUHWD�� PDV� VLP� LQGLUHWD�� TXDQGR� p� R�VLVWHPD� SUHYLGHQFLiULR� TXH� VXSRUWD� DV� GHVSHVDV� PpGLFDV� H� KRVSLWDODUHV��DIDVWDPHQWRV� H� DWp� DSRVHQWDGRULDV� FRQFHGLGDV� DRV� WUDEDOKDGRUHV� YtWLPDV� GR�SURFHVVR�GH�DVVpGLR�PRUDO�

1R�%UDVLO��R�686�± 6LVWHPD�ÒQLFR�GH�6D~GH��PDQWLGR�SHOR�(VWDGR�p�TXHP�DUFD�FRP�RV� WUDWDPHQWRV�GDV�GRHQoDV�FDXVDGDV�SHOR�DVVpGLR�PRUDO��0iUFLD�1RYDHV� *XHGHV��� FLWD� H[HPSOR� GH� GRLV� JUDQGHV� SDtVHV�� ,QJODWHUUD� H� 6XpFLD��FRPHQWDQGR�TXH�QD�,QJODWHUUD�FHUFD�GH�����YLQWH�H�TXDWUR��PLOK}HV�GH�GyODUHV�DQXDLV�VmR� GHVSHQGLGRV� SHOR� JRYHUQR� HP� DSRVHQWDGRULDV� SUHPDWXUDV�� KDYHQGR XP�HYLGHQWH� DXPHQWR� GRV� FXVWRV� SURSRUFLRQDOPHQWH� jV� DSRVHQWDGRULDV� RFRUULGDV� QR�WHPSR� SUHYLVWR�� 1D� 6XpFLD� R� JRYHUQR� HGLWRX� HP� ������ D� /HL� GH� 5HDELOLWDomR�3URILVVLRQDO��TXH�GHWHUPLQD�DR�HPSUHJDGRU�TXH�DSUHVHQWH�j�3UHYLGrQFLD�6RFLDO�XP�

��� $/.,0,1��������S�������� 0285$��������S������� *8('(6��������S����

Page 80: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

SODQR� GH� UHDELOLWDomR� SURILVVLRQDO� GR� WUDEDOKDGRU� DGRHFLGR�� SDUD� TXH� RV� FXVWRV�UHWRUQDVVHP�i�VXD�RULJHP�

&RQFOXL�VH�TXH�DV�FRQVHT�rQFLDV�DGYLQGDV�GD�DJUHVVmR�SRU�DVVpGLR�PRUDO�SDUD�D�HPSUHVD�VmR�UHSUHVHQWDGDV�SRU�SUHMXt]RV�TXH�VH�GmR�HP�GXDV�HVIHUDV��ILQDQFHLUD� H� VRFLDO�� RX� VHMD�� RV� SUHMXt]RV� GH� RUGHP� ILQDQFHLUD� SRGHP� VHU�UHSUHVHQWDGRV� SRU� SURFHVVRV� MXGLFLDLV�� DEVHQWHtVPR� SVLFROyJLFR�� UHGXomR� QD�SURGXWLYLGDGH�H�QD�TXDOLGDGH�GR� WUDEDOKR��GHVPRWLYDomR�GRV�GHPDLV� WUDEDOKDGRUHV��GHVSHVDV� SRU� DIDVWDPHQWRV� �DWp� RV� SULPHLURV� TXLQ]H�GLDV��� IDOWDV� SRU� GRHQoD��DWHVWDGRV�PpGLFRV��� DFLGHQWHV� GH� WUDEDOKR�� JDVWRV� FRP� VXEVWLWXLomR� GH� SHVVRDO�±RQGH� R� HPSUHJDGRU� WHUi� TXH� LQYHVWLU� HP� WUHLQDPHQWR� H� TXDOLILFDomR� GR� QRYR�HPSUHJDGR��GDQRV�j�LPDJHP�GD�HPSUHVD��UHVFLVmR�LQGLUHWD�GR�FRQWUDWR�GH�WUDEDOKR��RX�VHMD��D�FDUDFWHUL]DomR�GD�MXVWD�FDXVD�SRU�SDUWH�GR�HPSUHJDGRU��SRU�WHU�SUDWLFDGR�R�DVVpGLR��SRLV��R�DVVHGLDGR�SRGH�UHTXHUHU�TXH�R�FRQWUDWR�VHMD�URPSLGR�FRPR�VH�HOH�WLYHVVH�VLGR�GHPLWLGR��SOHLWHDQGR�WDPEpP�DV�YHUEDV�UHVFLVyULDV�TXH�VHULDP�GHYLGDV�QHVVD�VLWXDomR��GHQWUH�DV�TXDLV�R�DYLVR�SUpYLR�LQGHQL]DGR��D�PXOWD�GR�)*76��H�HWF���FRQIRUPH�GLVS}H�R�DUW�����GD�&/7�

$UW����� ± 2� HPSUHJDGR� SRGHUi� FRQVLGHUDU� UHVFLQGLGR� R� FRQWUDWR� H�SOHLWHDU� D� GHYLGD� LQGHQL]DomR� TXDQGR�� D�� IRUHP� H[LJLGRV� VHUYLoRV�VXSHULRUHV jV� VXDV� IRUoDV�� GHIHVRV� SRU� OHL�� FRQWUiULRV� DRV� ERQV�FRVWXPHV��RX�DOKHLRV�DR�FRQWUDWR��E��IRU�WUDWDGR�SHOR�HPSUHJDGRU�RX�SRU� VHXV� VXSHULRUHV� KLHUiUTXLFRV� FRP� ULJRU� H[FHVVLYR�� F�� FRUUHU�SHULJR�PDQLIHVWR�GH�PDO�FRQVLGHUiYHO��G��QmR�FXPSULU�R�HPSUHJDGRU�DV� REULJDo}HV� GR� FRQWUDWR�� H�� SUDWLFDU� R� HPSUHJDGRU� RX� VHXV�SUHSRVWRV��FRQWUD�HOH�RX�SHVVRDV�GH�VXD�IDPtOLD��DWR�OHVLYR�GD�KRQUD�H�ERD IDPD��������K��R�HPSUHJDGRU�UHGX]LU�R�VHX�WUDEDOKR��VHQGR�HVWH�SRU� SHoD� RX� WDUHID�� GH� IRUPD� D� DIHWDU� VHQVLYHOPHQWH� D� LPSRUWkQFLD�GRV�VDOiULRV�������

(�� ILQDOPHQWH� SHGLGR� GH� LQGHQL]DomR� SRU� GDQRV� PDWHULDLV��HPHUJHQWHV�H�OXFURV�FHVVDQWHV��H�GDQRV�PRUDLV��UHODWLYRV�DR�VRIULPHQWR�SVLFROyJLFR�TXH�D�YtWLPD�VXSRUWRX�HP�YLUWXGH�GR�DVVpGLR�PRUDO��'HVWDFD�VH�TXH�DV�LQGHQL]Do}HV�SRU� GDQRV� PDWHULDLV� H� PRUDLV� GHSHQGHP� GD� FRPSURYDomR� GR� IDWR� �DVVpGLR��� GR�SUHMXt]R�H�GD�UHODomR�GH�FDXVDOLGDGH�HQWUH�HOHV�

3UHMXt]RV� GH� RUGHP� VRFLDO� VmR� DTXHOHV� TXH� DWLQJHP� D� VRFLHGDGH�FRPR�XP�WRGR��TXDQGR�R�(VWDGR�SDVVD�D�VXSRUWDU�DV�GHVSHVDV�KRVSLWDODUHV��DSyV�

Page 81: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

RV�SULPHLURV�TXLQ]H�GLDV�GH�DIDVWDPHQWR�GR� WUDEDOKDGRU��� LQGHQL]Do}HV�GH�VHJXUR�GHVHPSUHJR�� DSRVHQWDGRULD� DQWHFLSDGD�� SDJDPHQWR� GH� SHQV}HV�� HQILP� WRGRV� RV�EHQHItFLRV�SDJRV�SHOD�SUHYLGrQFLD�VRFLDO��DVVHJXUDGRV�DR�WUDEDOKDGRU�DGRHFLGR�

��� &203257$0(1726�48(�1­2�&$5$&7(5,=$0�$66e',2�025$/

1mR� VmR� WRGDV� DV� VLWXDo}HV� H� WRGRV� RV� DWRV� SUDWLFDGRV� SHOR�HPSUHJDGRU� RX� VXSHULRU� KLHUiUTXLFR� TXH� HQVHMDP� R� DVVpGLR� PRUDO�� FRPR� Mi�FRPHQWDGR�QR�SUHVHQWH�WUDEDOKR��UHTXLVLWR�HVVHQFLDO�SDUD�TXH�VH�FRQILJXUH�D�SUiWLFD�GR� DVVpGLR� PRUDO� VmR� RV� DWDTXHV� UHSHWLWLYRV� TXH� RIHQGHP� D� GLJQLGDGH� GR�WUDEDOKDGRU�H�TXH��VH�SURORQJDP�QR�WHPSR��1mR�p�XPD�PHUD�DomR� LVRODGD�RX�XPD�DJUHVVmR�YHUEDO��TXHEDVWDULDP�SDUD�FRQILJXUDU�D�SUiWLFD�GR�DVVpGLR�PRUDO�

$� SVLFyORJD� IUDQFHVD�0DULH�)UDQFH�+LULJR\HQ��� HP� VHX� REUD� ³0DO�HVWDU� QR� WUDEDOKR´� DILUPD� TXH� ³SDUWH� GDV� SHVVRDV� TXH� VH� GL]HP� DVVHGLDGDV�PRUDOPHQWH� HP� YHUGDGH� QmR� R� VmR�� VHQGR� PDLV� FRPXP� TXH� YLYDP�� GH� IDWR�� VRE�SUHVVmR�H�HVWUHVVH�RX�HQYROYLGDV�HP�UHODo}HV�SHVVRDLV�FRQIOLWXRVDV�´�

$� DXWRUD��� OLVWRX XPD� UHODomR� GH� FRPSRUWDPHQWRV� TXH� QmR�FDUDFWHUL]DP�DVVpGLR�PRUDO��FRPR�R�HVWUHVVH��R�FRQIOLWR��DV� WpFQLFDV�GH�JHVWmR��DV�DJUHVV}HV� LVRODGDV��R�DVVpGLR�VH[XDO��jV�PiV�FRQGLo}HV�GH�WUDEDOKR�H�R�DEXVR�GH�SRGHU��&RPHQWD�VH�FDGD�XPD�GHODV�

D��R�HVWUHVVH

2�HPSUHJDGRU� GHYH� SURSRUFLRQDU� DR� WUDEDOKDGRU� XPD� DPELHQWH� GH�WUDEDOKR�HTXLOLEUDGR�H�VDXGiYHO��FRP�R�ILP�HVSHFLDO�GH�HYLWDU�GDQRV�j�VD~GH�ItVLFD�H�PHQWDO��FRPR�R�HVWUHVVH�

��� +,5,*2<(1��������S������� ,G��,ELG���S����

Page 82: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

1RUPD� 6XHOL� 3DGLOKD��� FLWD� DV� OLo}HV� GH� 5RGROIR� GH� &DPDUJR�0DQFXVR�

5RGROIR� GH� &DPDUJR� 0DQFXVR� Gi� QRV� D� VHJXLQWH� GHILQLomR��DSRQWDQGR�R�PHLR�DPELHQWH�GR�WUDEDOKR�FRPR�³KDELWDW�ODERUDO´��LVWR�p��WXGR�TXH�HQYROYH��FRQGLFLRQD��GLUHWD�H�LQGLUHWDPHQWH��R�ORFDO�RQGH�RKRPHP�REWpP�RV�PHLRV�SDUD�SURYHU�R�TXDQWR�QHFHVViULR�SDUD�D�VXD�VREUHYLYrQFLD�H�GHVHQYROYLPHQWR��HP�HTXLOtEULR�FRP�R�HFRVVLVWHPD��$VVLP�� TXDQGR� DTXHOH� KDELWDW� VH� UHYHOH� LQLG{QHR� D� DVVHJXUDU� DV�FRQGLo}HV�SDUD�XPD�UD]RiYHO�TXDOLGDGH�GH�YLGD�GR�WUDEDOKDGRU��Dt�VH�WHUi�XPD�OHVmR�DR�PHLR�DPELHQWH�GR�WUDEDOKR��

$V�SULQFLSDLV�FDXVDV�GH�HVWUHVVH�QR�DPELHQWH�GH�WUDEDOKR�VH�GmR�HP�UD]mR�GD�SUHVVmR�VRIULGD�SHOR�WUDEDOKDGRU�QR�VHQWLGR�GH�H[HFXWDU�VXDV�IXQo}HV�FRP�XUJrQFLD�� UHVSRQVDELOLGDGH� H[FHVVLYD�� IDOWD� GH� DSRLR� GRV� FROHJDV� GH� WUDEDOKR�� H�SULQFLSDOPHQWH�VREUHFDUJD�GH�WUDEDOKR�QR�H[HUFtFLR�GH�VXDV�IXQo}HV�

+LULJR\HQ��� GHILQH�R�HVWUHVVH�FRPR�³XP�HVWDGR�ELROyJLFR�JHUDGR�SRU�VLWXDo}HV� WDQWR� VRFLDLV� TXDQWR� VRFLRSVLFROyJLFDV�� UHYHOD�VH� FRPR� XPD� UHDomR� GR�RUJDQLVPR� TXDQGR� VXEPHWLGR� j� DomR� GH� XP� DJHQWH� HVWUHVVDQWH�� TXH� SRGH� WHU�RULJHP�HP�GLYHUVDV� RUGHQV� VHQGR� R�PDLV� FRPXP�R�H[FHVVR�GH� WUDEDOKR�H� R� VHX�H[HUFtFLR�HP�FRQGLo}HV�LQDGHTXDGDV´�

2�HVWUHVVH�JHUDGR�SRU�SUHVV}HV�H�H[FHVVR�GH�WUDEDOKR��FLWD�D�DXWRUD��SRGH� OHYDU� D� XP� HVJRWDPHQWR�� FRPR� D� VtQGURPH� GH� %XUQ� RXW�� RX� DR�GHVHQYROYLPHQWR�GH�RXWUDV�SDWRORJLDV��PDV�VRPHQWH�VH�FDUDFWHUL]DUi�FRPR�DVVpGLR�PRUDO� FDVR� VH� GHVHQFDGHLH� HP� UD]mR� GH� XP� SURFHVVR� UHSHWLGR� GH� YLROrQFLD�SVLFROyJLFD�

E��R�FRQIOLWR

0DULH�)UDQFH�+LULJR\HQ�DILUPD�TXH�R�SVLFRWHUURU�SRGH�QDVFHU�GH�XPD�VLWXDomR�RX�GH�XPD�UHODomR�FRQIOLWXRVD��PDV�TXDQGR�VH� LQVWDOD��QHJD�R�FRQIURQWR��

��� 3$',/+$��1RUPD�6XHOL��'R�PHLR�DPELHQWH�GR�WUDEDOKR�HTXLOLEUDGR��6mR�3DXOR��/7U��(G��PDLR�������S����

��� +,5,*2<(1��������S����

Page 83: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

IRJH�R�HPEDWH�DEHUWR�� WRUQD�VH� LQYLVtYHO�D�XPD�REVHUYDomR� LVRODGD��SRLV� ³VH�H[LVWH�DVVpGLR�PRUDO��p�MXVWDPHQWH�SRUTXH�QHQKXP�FRQIOLWR�S{GH�VHU�HVWDEHOHFLGR´�

$VVLP��R�FRQIOLWR�QmR�VH�FRQIXQGH�FRP�R�DVVpGLR�PRUDO��PDV�SRGH�VH�GHVHQYROYHU�D�SDUWLU�GHOH�

+ULJR\HQ��� WDPEpP� UHFRQKHFH� TXH� R� FRQIOLWR� QmR� VH� UHYHOD�QHFHVVDULDPHQWH�XP�PDO��H�SRGH�DWp�RIHUHFHU�VDXGiYHO�FRQWULEXLomR��FDVR�SHUPLWD�DR�LQGLYtGXR�WUDQVIRUPDU�R�VHX�PHLR�H�UHQRYDU�R�SUySULR�WUDEDOKR��6HJXQGR�D�DXWRUD�³R�TXH�FDUDFWHUL]D�HQWmR�XP�FRQIOLWR�p�D� µHVFDOD�VLPpWULFD¶��RX�VHMD��XPD� LJXDOGDGH�WHyULFD� HQWUH� RV� SURWDJRQLVWDV�� $FHLWDQGR� R� FRQIOLWR�� UHFRQKHFH�VH� D� H[LVWrQFLD� GR�RXWUR�FRPR�LQWHUORFXWRU�H�R SHUWHQFLPHQWR�D�XP�PHVPR�VLVWHPD�GH�UHIHUrQFLD´�

(�D�DXWRUD�FRQFOXL��³QR�FRQIOLWR�VH�IDOD��UHYHOD�VH�R�PRWLYR��QmR�H[LVWH�R�QmR�GLWR��HVWDEHOHFHP�VH�R�FKRTXH��D�RSRVLomR��D�UHVLVWrQFLD´�

F��WpFQLFDV�GH�JHVWmR

$�IRUPD�FRPR�p�DGPLQLVWUDGD�D�JHVWmR�GH�SHVVRDV�QR�DPELHQWH�GH�WUDEDOKR�� GHSHQGH� GR� SHUILO� GH� FDGD� VXSHULRU� KLHUiUTXLFR�� VHQGR�PDLV� IUHT�HQWH� D�DSOLFDomR�GH�SUHVVmR�SVLFROyJLFD�DRV� WUDEDOKDGRUHV�SDUD�D�REWHQomR�GH�UHVXOWDGRV�ILQDQFHLURV� VDWLVIDWyULRV� SDUD� D� RUJDQL]DomR�� FRPR� SRU� H[HPSOR�� R� DXPHQWR� QDV�YHQGDV�

+LULJR\HQ��� FRPHQWD�TXH�

$V�SUHVV}HV�H[DFHUEDGDV��DV�FREUDQoDV�SRU�UHVXOWDGR��R�FRQWUROH�SRU�PHLR� GH� UHODWyULRV�� Q~PHURV�� UHXQL}HV�� DWp� PHVPR� LQVXOWRV�JHQHUDOL]DGRV�DWXDP�FRPR�LQVWUXPHQWRV�GHVVH�LQVLQXDQWH�H�SHUYHUVR�SURFHVVR��GHQRPLQDGR� µJHVWmR�SRU� LQM~ULD¶� GHILQLGR�DLQGD�FRPR� µWLSR�GH� FRPSRUWDPHQWR� GHVSyWLFR� GH� FHUWRV� DGPLQLVWUDGRUHV�GHVSUHSDUDGRV�� TXH� VXEPHWHP� RV� HPSUHJDGRV� D� XPD� SUHVVmR�WHUUtYHO�RX�RV�WUDWDP�FRP�YLROrQFLD�LQMXULDQGR�RV�H�LQVXOWDQGR�RV�FRP�WRWDO�IDOWD�GH�UHVSHLWR¶�

G��DJUHVV}HV�LVRODGDV��� +,5,*2<(1��������S������� +,5,*2<(1��������S����

Page 84: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

&RPR� Mi� FRPHQWDGR��Do}HV� LVRODGDV�QmR�EDVWDP�SDUD� FRQILJXUDU� R�DVVpGLR�PRUDO��D�GRXWULQD�H�MXULVSUXGrQFLD�VmR�SDFtILFDV�QHVVH�VHQWLGR�

3DUD� +LULJR\HQ��� ³QDV� UHODo}HV� KXPDQDV�� SHTXHQDV� DJUHVV}HV��GHVGH�TXH� LVRODGDV��QmR�VH�FDUDFWHUL]DP�FRPR�VLWXDomR�GH�DVVpGLR�PRUDO��PHVPR�TXH� VH�PDQLIHVWHP�FRPR�XPD� IRUPD�GH�YLROrQFLD��R� TXH� VLJQLILFD�TXH� UHSUHHQGHU��LQVXOWDU� RX� DJUHGLU� YHUEDOPHQWH� DOJXpP� SRGH� VHU� IUXWR� GH� XPD� UHDomR� RX� GH� XP�LPSXOVR�� FRQILJXUDQGR�� QR� Pi[LPR�� WDPEpP� DTXL�� DXVrQFLD� GH� FLYLOLGDGH� H� GH�XUEDQLGDGH´�

H��DVVpGLR�VH[XDO

2�&yGLJR�3HQDO�%UDVLOHLUR�� DWUDYpV�GD�/HL� Q��������GH�������������QR� DUW�����$�� WLSLILFRX� FRPR� FULPH� R� DVVpGLR� VH[XDO� SRU� FKDQWDJHP�� DVVLP�FRQVLGHUDGR�R�FRPSRUWDPHQWR�TXH�YLVD�³FRQVWUDQJHU�DOJXpP�FRP�R�LQWXLWR�GH�REWHU�YDQWDJHP�RX� IDYRUHFLPHQWR�VH[XDO��SUHYDOHFHQGR�VH�R�DJHQWH�GD�VXD FRQGLomR�GH�VXSHULRU� KLHUiUTXLFR� RX� DVFHQGrQFLD� LQHUHQWHV� DR� H[HUFtFLR� GH� HPSUHJR�� FDUJR� RX�IXQomR´�

5RGROIR�3DPSROKD�)LOKR�����D�UHVSHLWR�GR�WHPD�VH�PDQLIHVWD�

8P�GRV� WHPDV� ODERUDLV�PDLV� IDVFLQDQWHV�GD�DWXDOLGDGH�p�D�TXHVWmR�GR� DVVpGLR� VH[XDO�� TXH� HVWi� LQWLPDPHQWH� OLJDGR� FRPD� UHODomR� GH�HPSUHJR� &DVR�HVVD�FLUFXQVWkQFLD�VH�Gr�HQWUH�WUDEDOKDGRUHV�GH�QtYHO�KLHUiUTXLFR� GLIHUHQWH� H�RX� HQWUH� HPSUHJDGRU� H� HPSUHJDGR�� HP�TXH�XPD� GDV� SHVVRDV� WHP�R� SRGHU� GH� GHFLGLU� VREUH� D� SHUPDQrQFLD� RX�QmR�GD�RXWUD�QR�HPSUHJR�RX�GH�LQIOXLU�QDV�SURPRo}HV�RX�QD�FDUUHLUD�GD�PHVPD��FDUDFWHUL]DGR�HVWDUi�R�DVVpGLR�VH[XDO��VH�D�FRQGXWD�GR�DVVHGLDQWH� VH� WUDGX]LU� HP� SUHVV}HV� RX� DPHDoDV� ± H[SOtFLWDV� RX�LPSOtFLWDV�� FRP� R� REMHWLYR� HYLGHQWH� GH� REWHU� RV� IDYRUHV� VH[XDLV� GR�DVVHGLDGR�

��� ,G��,ELG���S������� 3$03/21$�),/+2��5RGROIR��2�GDQR�PRUDO�QD�UHODomR�GH�HPSUHJR� 6mR�3DXOR��/WU��������S����

Page 85: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

6HJXQGR�$OLFH�0RQWHLUR�GH�%DUURV��� H[LVWHP�GRLV� WLSRV�GH�DVVpGLR�VH[XDO�

D��SRU�LQWLPLGDomR��FDUDFWHUL]DGR�µSRU�LQFLWDo}HV�VH[XDLV�LQRSRUWXQDV��GH� XPD� VROLFLWDomR� VH[XDO� RX� GH� RXWUDV� PDQLIHVWDo}HV� GD� PHVPD�tQGROH�� YHUEDLV� RX� ItVLFDV�� FRP� R� HIHLWR� GH� SUHMXGLFDU� D� DWXDomR�ODERUDO�GH�XPD�SHVVRD�RX�GH�FULDU�XPD�VLWXDomR�RIHQVLYD��KRVWLO��GH�LQWLPLGDomR�RX�DEXVR�QR� WUDEDOKR¶�� H� E�� SRU� FKDQWDJHP�TXH� µWUDGX]�H[LJrQFLD�IRUPXODGD�SRU�VXSHULRU�KLHUiUTXLFR�D�XP�VXERUGLQDGR��SDUD�TXH�VH�SUHVWH�j�DWLYLGDGH�VH[XDO��VRE�SHQD�GH�SHUGHU�R�HPSUHJR�RX�RV�EHQHItFLRV�DGYLQGR�GDV�UHODo}HV�GH�HPSUHJR¶�

2� DVVpGLR� VH[XDO� JHUDOPHQWH� p� SUDWLFDGR� SRU� XPD� SHVVRD� HP�SRVLomR� KLHUiUTXLFD� VXSHULRU�� SRGH� VHU� SUDWLFDGR� SRU� KRPHQV� RX� PXOKHUHV���KRPRVVH[XDLV� RX� QmR�� HP� UHODomR� D� XP� VXERUGLQDGR�� QRUPDOPHQWH� HP� ORFDO� GH�WUDEDOKR�H�VH�VH�FDUDFWHUL]D�SRU�DOJXPD�DPHDoD�FRQWUD�R�VXERUGLQDGR��

5HVVDOWD�VH� WDPEpP� TXH�� R� DVVpGLR� VH[XDO� SRGH� VH� GDU� GR�HPSUHJDGR�HP� UHODomR�DR�HPSUHJDGRU�� TXH�SRGHUi�JHUDU� GLVSHQVD�GR�DVVHGLDQWH�SRU�MXVWD�FDXVD��SHOD�SUiWLFD�GH�LQFRQWLQrQFLD�GH�FRQGXWD�RX�PDX�SURFHGLPHQWR��QRV�WHUPRV�GR�DUW������ ³E´�� GD�&/7��TXH�GLVS}H�� ³$UW������&RQVWLWXHP� MXVWD� FDXVD�SDUD�UHVFLVmR�GR�FRQWUDWR�GH� WUDEDOKR�SHOR�HPSUHJDGRU��E� LQFRQWLQrQFLD�GH�FRQGXWD�RX�PDX�SURFHGLPHQWR´�

0DUFRV� 9LQLFLXV� /REUHJDW��� UHODFLRQD� RV� SURFHGLPHQWRV�FDUDFWHUL]DGRUHV�GR�DVVpGLR�VH[XDO��YHMD�VH�

D�� DEXVR� YHUEDO� RX� FRPHQWiULRV� GH� FRQRWDomR� VH[XDO� VREUH� D�DSDUrQFLD�GR�HPSUHJDGR��E��IUDVHV�RIHQVLYDV�RX�GH�GXSOR�VHQWLGR�H�DOXV}HV� JURVVHLUDV�� KXPLOKDQWHV� RX� HPEDUDoRVDV�� F�� SHUJXQWDV�LQGLVFUHWDV� VREUH� D� YLGD� SULYDGD� GR� HPSUHJDGR�� G�� DIDVWDU� R�HPSUHJDGR�GH�VHX�ORFDO�GH�WUDEDOKR��D�ILP�GH�TXH�R�DVVHGLDQWH�SRVVD�FRP�HOH�FRQYHUVDU�HP�ORFDO�SULYDGR�H�GH�IRUPD�tQWLPD��H��LQVLQXDo}HV�VH[XDLV�LQFRQYHQLHQWHV�H�RIHQVLYDV��I��VROLFLWDomR�GH�UHODFLRQDPHQWR�tQWLPR��DLQGD�TXH�QmR�LPSOLTXH�FRQMXQomR�FDUQDO�RX�GH�RXWUR�WLSR�GH�FRQGXWD�GH�QDWXUH]D�VH[XDO��PHGLDQWH�D�SURPHVVD�GH�EHQHItFLRV�RX�GH� UHFRPSHQVDV�� J�� H[LJrQFLD� GH� IDYRUHV� VH[XDLV� VRE� DPHDoDV�H[SOtFLWDV� RX� LPSOtFLWDV� FRQFHUQHQWHV� DR� HPSUHJR�� K�� H[LELomR� GH�

��� %$5526��������S�������� /2%5(*$7��0DUFXV�9LQLFLXV��'DQR�PRUDO�QDV�UHODo}HV�LQGLYLGXDLV�GR�WUDEDOKR ��6mR�3DXOR��/WU�

������S�����

Page 86: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

PDWHULDO� SRUQRJUiILFR� �FRPR� UHYLVWDV�� IRWRJUDILDV� RX� TXDOTXHU� RXWUR�REMHWR���DVVLP�FRPR�DIL[DU�QDV�SDUHGHV�GR�ORFDO�GH�WUDEDOKR�LPDJHQV�GH� WDO� QDWXUH]D�� L�� WRTXHV�� FDUtFLDV� RX� EHOLVF}HV� GHOLEHUDGRV� H�RIHQVLYRV�� H� M�� SUiWLFD� GH� TXDOTXHU� H[HUFtFLR GH� YLROrQFLD� ItVLFD� RX�YHUEDO�

6{QLD� 0DVFDUR� GR� 1DVFLPHQWR��� GLIHUHQFLD� DVVpGLR� PRUDO� GH�DVVpGLR�VH[XDO�FRPHQWDQGR�

2� DVVpGLR� PRUDO� GLVWLQJXH�VH� FRPR� FRQGXWD� TXH� SUHVVXS}H� D�UHSHWLomR� GH� DWRV� DWHQWDWyULRV� FRQWUD� D� LQWHJULGDGH� SVLFROyJLFD� GR�LQGLYtGXR�� DVVLP� FRPR� FRQWUD� D� VXD� SHUVRQDOLGDGH� H� GLJQLGDGH��VHPSUH� REMHWLYDQGR� D� VXD� H[FOXVmR� GR� PXQGR� GR� WUDEDOKR� H�RX� D�GHJUDGDomR�GR�DPELHQWH� ODERUDO��2�DVVpGLR�VH[XDO�� DLQGD�TXH� VHMD�XPD�FRQGXWD�LJXDOPHQWH�UHSHWLWLYD��LQIOD�VH�GH�FRQRWDomR�WLSLFDPHQWH�VH[XDO��QmR DFHLWD�SHOD�YtWLPD��H�TXH�WHP�SRU�REMHWLYR�FRQVWUDQJr�OD��DWLQJLQGR�D� HP� VXD� LQWLPLGDGH� H� HP� VXD� SULYDFLGDGH��2� WUDoR�PDLV�HYLGHQWH�GD�GLIHUHQoD�HQWUH�DPERV��VLQWHWL]D��p�TXH µR�DVVpGLR�PRUDO�SRVVXL� QDWXUH]D� SVLFROyJLFD�� HQTXDQWR� R� RXWUR� SRVVXL� QDWXUH]D�VH[XDO¶�

'H� IDWR� R� DVVpGLR� PRUDO� SUHYr� XPD� GRU� SVLFROyJLFD�� H� R DVVpGLR�VH[XDO��FULPLQDOPHQWH�SXQtYHO�QR�RUGHQDPHQWR�EUDVLOHLUR��GHULYD�GH�QDWXUH]D�VH[XDO��([HPSORV� FOiVVLFRV� GH� DVVpGLR� VH[XDO�� VmR� DV� FRQGLo}HV� LPSRVWDV� SDUD� XPD�SURPRomR�TXH�HQYROYDP�IDYRUHV�VH[XDLV��RX�D�DPHDoD�RX�DWp�GHPLVVmR�

I��GDQR�PRUDO

2� DVVpGLR� PRUDO� FRQVHT�HQWHPHQWH� JHUDUi� XP� GDQR� PRUDO� DR�DVVHGLDGR��HQVHMDQGR��SRUWDQWR�j� LQGHQL]DomR�� Mi�TXH�VH� WUDWD�GH�XPD�YLRODomR�GH�XP�GLUHLWR�SHUVRQDOtVVLPR�GD�YtWLPD�

2�GDQR�PRUDO��VHX�FRQFHLWR��QDWXUH]D�MXUtGLFD��FDUDFWHUL]DomR�H�VXD�UHSDUDomR��VHUmR�WUDWDGRV�QR�TXDUWR�FDStWXOR�

��� 1$6&,0(172��������S����

Page 87: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

J��PiV�FRQGLo}HV�GH�WUDEDOKR

2� PHLR� DPELHQWH� H� DV� FRQGLo}HV� GR� ORFDO� GH� WUDEDOKR� VmR�H[WUHPDPHQWH�LPSRUWDQWHV�SDUD�R�GHVHQYROYLPHQWR�GD�DWLYLGDGH�H�HVWi�SURYDGR�TXH�DV�ERDV�FRQGLo}HV�GH� WUDEDOKR�DXPHQWDP�QmR�Vy�D�SURGXWLYLGDGH�FRPR� WDPEpP�D�PRWLYDomR�H�DXWR�HVWLPD�GRV�WUDEDOKDGRUHV�

'HVVD� IRUPD��QmR� p� SRVVtYHO KDYHU� JHVWmR� GH� UHFXUVRV� KXPDQRV��HIHWLYD�VHP�XPD�YHUGDGHLUD�SUHRFXSDomR�FRP�DV�FRQGLo}HV�TXH�DV�SHVVRDV�WrP�QR�VHX� OXJDU� GH� WUDEDOKR�� QRPHDGDPHQWH� HP� WHUPRV� GH� KLJLHQH� ItVLFD� H� PHQWDO� H�VHJXUDQoD��

6HJXQGR�+LULJR\HQ��� ³PDQWHU�XP�LQGLYtGXR�HP�XP�DPELHQWH�ODERUDO�GHJUDGDGR�± GR�SRQWR�GH�YLVWD�ItVLFR�H�QmR�UHODFLRQDO�± HP�HVSDoRV�DSHUWDGRV��FRP�LOXPLQDomR��FRP�LQVWDODo}HV�H�FRP�HTXLSDPHQWRV�SUHFiULRV��RX�PHVPR�VXEPHWr�OR�D�VREUHFDUJDV� GH� WUDEDOKR� SRGH� VXJHULU� SXUD� H� VLPSOHVPHQWH� XP� SURGXWR� GH�DGPLQLVWUDomR�PDO�RUJDQL]DGD´��

(� FRQFOXL� D� SHVTXLVDGRUD� ³PiV� FRQGLo}HV� GH� WUDEDOKR� SRGHP�H[DFHUEDU�RV�kQLPRV�H�OHYDU�D�DWLWXGHV�LQWROHUDQWHV�DR�PHQRU�JHVWR�GR�RXWUR��VHP�QR�HQWDQWR��FRQILJXUDU�DVVpGLR�PRUDO´�

K��DEXVR�GH�SRGHU

$� SUiWLFD� GR� DVVpGLR� PRUDO� SUHVVXS}H� R� DEXVR� GH� SRGHU�� PDV�VRPHQWH�TXDQGR�D�FRQGXWD�DVVHGLDQWH�p�FRQWLQXDGD�H�VLVWHPiWLFD��p�TXH�R�DVVpGLR�PRUDO�VH�FRQILJXUD�

2�SRGHU�DWXD��FRPR�XP�HOHPHQWR�HVVHQFLDO�SDUD�D�FDUDFWHUL]DomR�GR�DVVpGLR�PRUDO��TXH�SHUPLWH�IDFLOPHQWH��TXDQGR�SUHVHQWH��D�VXD�FRQILJXUDomR�

��� +,5,*2<(1��������S����

Page 88: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

+LULJR\HQ��� FRPHQWD�TXH�³p�QDWXUDO�TXH�WRGR�WUDEDOKR�DSUHVHQWH�XP�JUDX�GH�LPSRVLomR�H�GHSHQGrQFLD��GH�IRUPD�TXH�QHP�WRGDV�DV�RUGHQV��LPSRVLo}HV�H�GHWHUPLQDo}HV�SRGHP�VHU�MRJDGDV�QD�YDOD�FRPXP�GR�DEXVR�GH�SRGHU´�

$VVLP�� R� HPSUHJDGRU� SRVVXL� SRGHUHV� Mi� HVSHFLILFDGRV� QR� SULPHLUR�FDStWXOR�� H� R TXH� VH� FRQFOXL� p� TXH� TXDOTXHU� SHVVRD�� GHSHQGHQGR� GD� SRVLomR� TXH�RFXSD�QD�RUJDQL]DomR��SRGH�H[HUFr�OR��RX�VXEPHWHU�VH�j�VXD�DomR�

&RQFOXL�VH� SRUWDQWR�� TXH� QmR� VmR� WRGDV� DV� Do}HV� SUDWLFDGDV� SHOR�HPSUHJDGRU�TXH�HQVHMDP�D�SUiWLFD�GR�DVVpGLR�PRUDO��FRQIRUPH�DSRQWDGR��SRGHQGR�WDPEpP� R� HPSUHJDGRU� HVWDU� VXMHLWR� DR� DVVpGLR� PRUDO� SRU� SDUWH� GR� HPSUHJDGR��SRUpP�R�TXH�VH�YHULILFD�p�TXH�QHVWH�FDVR��VH�Gi�HP�UDUDV�VLWXDo}HV�

��� $�/(*,6/$d­2�(�2�$66e',2�025$/�12�%5$6,/

,UDQ\� )HUUDUL��� FRPHQWD� TXH� ³R� DVVpGLR� PRUDO� IRL� REMHWR� GH� PXLWR�HVWXGR� QR� UDPR� GD� SVLFRORJLD�� GHSRLV� GHVORFDGR� SDUD� RXWURV� UDPRV� GD� FLrQFLD��QRWDGDPHQWH�R�GD�6RFLRORJLD�H�ILQDOPHQWH�IRL�OHYDGR�DR�FDPSR�GR�'LUHLWR��XPD�YH]�TXH�VH�WUDWD�GH�XP�WHPD�YROWDGR�SDUD�DV�UHODo}HVKXPDQDV´�

(PERUD� H[LVWDP� /HLV� 0XQLFLSDLV�� (VWDGXDLV� H� DOJXQV� 3URMHWRV�WUDPLWDQGR� QD� HVFDOD� )HGHUDO�� LQH[LVWH� QR� %UDVLO� OHJLVODomR� HVSHFtILFD� GHVWLQDGD� D�FRLELU� H� SXQLU� D� SUiWLFD� GH� DVVpGLR� PRUDO� QDV� UHODo}HV� GH� WUDEDOKR�� FDEHQGR� DR�WUDEDOKDGRU�YtWLPD�GR�DVVpGLR��EXVFDU�QRUPDV�GH�RUGHP�JHQpULFD�SDUD�JDUDQWLU�VHX�GLUHLWR�

1HVVH�VHQWLGR��D�SULQFtSLR��SRGHPRV�DSRQWDU�D�&RQVWLWXLomR�)HGHUDO�QR� VHX� DUW����� LQFLVRV� ,,,� H� ,9�� TXH� WUDWDP� GD� GLJQLGDGH� GD� SHVVRD� KXPDQD� H� RV�YDORUHV� VRFLDLV� GR� WUDEDOKR� H� GD� OLYUH� LQLFLDWLYD�� TXH� SRGHP� VHU� DSRQWDGRV� FRPR�IXQGDPHQWR�FRQVWLWXFLRQDO�EiVLFR�SDUD�D�SURWHomR�FRQWUD�R�DVVpGLR�PRUDO�

2� DUW���� GD� &RQVWLWXLomR� )HGHUDO�� QRV� LQFLVRV� 9� H� ;�� DVVHJXUDP� D�LJXDOGDGH� GH� WRGRV� SHUDQWH� D� /HL�� R� GLUHLWR� GH� UHVSRVWD�� D� LQYLRODELOLGDGH� j�

��� +,5,*2<(1��������S���������� )(55$5,��������S����

Page 89: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

LQWLPLGDGH��j�YLGD�SULYDGD��D�KRQUD��H�D�LPDJHP�GDV�SHVVRDV��DVVHJXUDQGR�R�GLUHLWR�j�LQGHQL]DomR�SHOR�GDQR�PDWHULDO�RX�PRUDO�VRIULGR�

$SRQWD�VH�R�&yGLJR�&LYLO�%UDVLOHLUR��/HL�Q��������GH����GH�MDQHLUR�GH�������QRV�VHXV�DUWLJRV�

$UW����� GLVSRQGR�VREUH�RV�GLUHLWRV�GD�SHUVRQDOLGDGH����$UW������ WXWHODQGR�R�GLUHLWR�GH�LPDJHP����$UW����� SURWHJHQGR�D�YLGD�SULYDGD�GD�SHVVRD�QDWXUDO����$UW������ DJDVDOKD�D�UHSDUDELOLGDGH�GR�GDQR�PRUDO����$UW������ GLVFLSOLQD� R� GHYHU� GH� LQGHQL]DU�� RX� VHMD�� D�UHVSRQVDELOLGDGH�FLYLO�����

$�/HL�Q�������GH����GH�DEULO�GH�������HP�VHX�DUW�����SURtEH�SUiWLFDV�GLVFULPLQDWyULDV�QDV�UHODo}HV�GH�WUDEDOKR��YHMD�VH�

$UW���� 2�URPSLPHQWR�GD�UHODomR�GH�WUDEDOKR�SRU�DWR�GLVFULPLQDWyULR��QRV�PROGHV�GHVWD�/HL��IDFXOWD�DR�HPSUHJDGR�RSWDU�HQWUH�,� D� UHDGPLVVmR� FRP� UHVVDUFLPHQWR� LQWHJUDO� GH� WRGR� R� SHUtRGR� GH�DIDVWDPHQWR�� PHGLDQWH� SDJDPHQWR� GDV� UHPXQHUDo}HV� GHYLGDV��FRUULJLGDV�PRQHWDULDPHQWH��DFUHVFLGDV�GRV�MXURV�OHJDLV�,,� D� SHUFHSomR�� HP� GREUR�� GD� UHPXQHUDomR� GR� SHUtRGR� GH�DIDVWDPHQWR��FRUULJLGD�PRQHWDULDPHQWH�H�DFUHVFLGD�GRV�MXURV�OHJDLV�

��� $UW���� ± &RP� H[FHomR� GRV� FDVRV� SUHYLVWRV� HP� OHL�� RV� GLUHLWRV� GD� SHUVRQDOLGDGH� VmR�LQWUDQVPLVVtYHLV�H�LUUHQXQFLiYHLV��QmR�SRGHQGR�R�VHX�H[HUFtFLR�VRIUHU�OLPLWDomR�YROXQWiULD�

��� $UW����± 6DOYR�VH�DXWRUL]DGDV��RX�VH�QHFHVViULDV�j�DGPLQLVWUDomR�GD�MXVWLoD�RX�j�PDQXWHQomR�GD�RUGHP�S~EOLFD��D�GLYXOJDomR�GH�HVFULWRV��D�WUDQVPLVVmR�GD�SDODYUD��RX�D�SXEOLFDomR��D�H[SRVLomR�RX� D� XWLOL]DomR� GD� LPDJHP� GH� XPD� SHVVRD� SRGHUmR� VHU� SURLELGDV�� D� VHX� UHTXHULPHQWR� H� VHP�SUHMXt]R�GD�LQGHQL]DomR�TXH�FRXEHU��VH� OKH�DWLQJLUHP�D�KRQUD��D�ERD�IDPD�RX�D�UHVSHLWDELOLGDGH��RX�VH�VH�GHVWLQDUHP�D�ILQV�FRPHUFLDLV��3DUiJUDIR�~QLFR��(P�VH�WUDWDQGR�GH�PRUWR�RX�GH�DXVHQWH��VmR�SDUWHV�OHJtWLPDV�SDUD�UHTXHUHU�HVVD�SURWHomR�R�F{QMXJH��RV�DVFHQGHQWHV�RX�RV�GHVFHQGHQWHV�

��� $UW���� ± $� YLGD�SULYDGD�GD�SHVVRD�QDWXUDO�p� LQYLROiYHO��H�R� MXL]�� D� UHTXHULPHQWR�GR� LQWHUHVVDGR��DGRWDUi�DV�SURYLGrQFLDV�QHFHVViULDV�SDUD�LPSHGLU�RX�ID]HU�FHVVDU�DWR�FRQWUiULR�D�HVWD�QRUPD�

��� $UW�����± $TXHOH�TXH��SRU�DomR�RX�RPLVVmR�YROXQWiULD��QHJOLJrQFLD�RX�LPSUXGrQFLD��YLRODU�GLUHLWR�H�FDXVDU�GDQR�D�RXWUHP��DLQGD�TXH�H[FOXVLYDPHQWH�PRUDO��FRPHWH�DWR�LOtFLWR��

��� $UW����� ± $TXHOH� TXH�� SRU� DWR� LOtFLWR� �DUWV�� ��� H� ������ FDXVDU� GDQR� D� RXWUHP�� ILFD� REULJDGR� D�UHSDUi�OR�� 3DUiJUDIR� ~QLFR�� +DYHUi� REULJDomR� GH� UHSDUDU� R� GDQR�� LQGHSHQGHQWHPHQWH� GH� FXOSD��QRV�FDVRV�HVSHFLILFDGRV�HP�OHL��RX�TXDQGR�D�DWLYLGDGH�QRUPDOPHQWH�GHVHQYROYLGD�SHOR�DXWRU�GR�GDQR�LPSOLFDU��SRU�VXD�QDWXUH]D��ULVFR�SDUD�RV�GLUHLWRV�GH�RXWUHP�

Page 90: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

6HJXH� DEDL[R� D� UHODomR� GD� OHJLVODomR�� IRUQHFLGD� SHOR� VLWH� GD�)HGHUDomR� 1DFLRQDO� GDV� $VVRFLDo}HV� GH� 3HVVRDO� GD� &DL[D��� H� SHOR� VLWH��KWWS���ZZZ�DVVHGLRPRUDO�RUJ�EU!�� TXH� YLVD FRPEDWHU� R� DVVpGLR� PRUDO�� QR� kPELWR�PXQLFLSDO��HVWDGXDO�H�IHGHUDO�

ÆPELWR�0XQLFLSDO�/HL� VREUH� DVVpGLR� PRUDO� GH� &DVFDYHO� �35�� ± ,QLFLDWLYD� GR�YHUHDGRU�$OFHEtDGHV�3HUHLUD�GD�6LOYD�± 37%�/HL�FRQWUD�DVVpGLR�PRUDO�GH�$PHULFDQD��63��± /HL�Q��������GH����GH�MXQKR�GH������/HL�FRQWUD�DVVpGLR�PRUDO�GH�&DPSLQDV��63��± /HL�Q��������GH����GH�QRYHPEUR�GH������/HL�FRQWUD�R�DVVpGLR�PRUDO�GH�-DERWLFDEDO��63��± /HL�Q��������GH����GH�GH]HPEUR�GH������/HL� FRQWUD� DVVpGLR� PRUDO� GH� 6mR� *DEULHO� GR� 2HVWH� �63��± /HL�Q������GH ��GH�DEULO�GH������/HL� FRQWUD� DVVpGLR� PRUDO� GH� *XDUXOKRV� �63�� ± ,QLFLDWLYD� GR�YHUHDGRU�-RVp�/XL]�)HUUHLUD�*XLPDUmHV�± 37�/HL� FRQWUD� DVVpGLR� PRUDO� GH� ,UDFHPiSROLV� �63��± 3ULPHLUD� OHL�EUDVLOHLUD�TXH�SURWHJH�R�FLGDGmR�FRQWUD�DVVpGLR�PRUDO�'HFUHWR� GH� UHJXODPHQWDomR� GD� OHL� GH� ,UDFHPiSROLV� �63�� ±$SURYDGR�HP����GH�DEULO�GH������/HL� FRQWUD�DVVpGLR�PRUDO�GH�1DWDO� �51��± ,QLFLDWLYD�GR�YHUHDGRU�$QW{QLR�-~QLRU�GD�6LOYD�± 37�/HL� FRQWUD�DVVpGLR�PRUDO�GH�6LGUROkQGLD� �06��± $SURYDGD�HP���GH�QRYHPEUR�GH������3URMHWR GH� OHL�QD�&kPDUD�0XQLFLSDO�GH�$PSDUR� �63��± ,QLFLDWLYD�GR�YHUHDGRU�'LPDV�0DUFKL�3URMHWR�GH�OHL�QD�&kPDUD�0XQLFLSDO�GH�&UX]HLUR��63��± ,QLFLDWLYD�GR�SUHIHLWR�&HOVR�GH�$OPHLGD�/DJH�

��� 'LVSRQtYHO�HP���KWWS���ZZZ�IHQDH�RUJ�EU�DVVHGLRPRUDO�OHJLVODFDR�KWP!��$FHVVR�HP���� QRY�������

Page 91: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

3URMHWR�GH� OHL�QD�&kPDUD�0XQLFLSDO�GH�&XULWLED� �35��± ,QLFLDWLYD�GR�YHUHDGRU�7DGHX�9HQHUL�± 37�3URMHWR� GH� OHL� QD� &kPDUD� 0XQLFLSDO� GH� *XDUDUHPD� �63��±,QLFLDWLYD�GD�YHUHDGRUD�6LUOHQH�0HVVLDV�GH�2OLYHLUD�± 336�3URMHWR� GH� OHL� QD� &kPDUD� 0XQLFLSDO� GH� *XDUDWLQJXHWi� �63��±,QLFLDWLYD�GR�YHUHDGRU�-RVp�([SHGLWR�GD�6LOYD�± 37�3URMHWR� GH� OHL� FRPSOHPHQWDU� QD� &kPDUD� 0XQLFLSDO� GH� 3RUWR�$OHJUH��56��± ,QLFLDWLYD�GR�YHUHDGRU�$OGDFLU�2OLERQL�± 37�3URMHWR�GH�OHL�QD�&kPDUD�0XQLFLSDO�GH�5HVHUYD�GR�,JXDoX��35��±,QLFLDWLYD�GR�YHUHDGRU�-RmR�&DUORV�&KLTXHWWR�± 37�

ÆPELWR�(VWDGXDO��/HL� FRQWUD� R� DVVpGLR� PRUDO� GR� (VWDGR� GH� 6mR� 3DXOR� ± /HL�Q���������GH����GH�MDQHLUR�GH������/HL� FRQWUD� R� DVVpGLR�PRUDO� GR� (VWDGR� GR� 5LR� GH� -DQHLUR�± /HL�Q�������GH����GH�DJRVWR�GH������3URMHWR�GH�/HL�&RPSOHPHQWDU�GR�(VWDGR�GR�5LR�*UDQGH�GR�6XO�±Q����������3URMHWR�GH�/HL�GR�(VWDGR�GD�%DKLD�± 3URMHWR�Q�������������3URMHWR�GH�/HL�GR�(VWDGR�GR�(VStULWR�6DQWR�± 3URMHWR�Q����������3URMHWR�GH�/HL�GR�(VWDGR�GH�3HUQDPEXFR�± 3URMHWR�Q����������

ÆPELWR�)HGHUDO�3URMHWR�GH�OHL�GH�UHIRUPD�GR�&yGLJR�3HQDO�VREUH�DVVpGLR�PRUDO�±,QLFLDWLYD�GR�GHSXWDGR�IHGHUDO�0DUFRV�GH�-HVXV�± 3/�3(�3URMHWR� GH� OHL� VREUH� DVVpGLR� PRUDO� ± ,QLFLDWLYD� GD� GHSXWDGD�IHGHUDO�5LWD�&DPDWD�± 30'%�(6�3URMHWR�GH�OHL�GH�UHIRUPD�GR�&yGLJR�3HQDO�VREUH�DVVpGLR�PRUDO�±&RRUGHQDomR�GR�GHSXWDGR�IHGHUDO�,QiFLR�$UUXGD�± 3&GR%�&(�

Page 92: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

3URMHWR� GH� OHL� VREUH� DVVpGLR� PRUDO� ± ,QLFLDWLYD� GD� GHSXWDGD�IHGHUDO�,DUD�%HUQDUGL�± 37�63�5HVROXomR� GR� &RQVHOKR� )HGHUDO� GH� 0HGLFLQD�± 'HYHUHV� GRV�PpGLFRV�HP�UHODomR�j�VD~GH�GR�WUDEDOKDGRU�5HJXODPHQWR� GD� 3UHYLGrQFLD� 6RFLDO� ± 4XDGUR� GH� DJHQWHV�SDWRJrQLFRV�FDXVDGRUHV�GH�GRHQoDV�SURILVVLRQDLV�RX�GR�WUDEDOKR�

��� $�-85,6358'Ç1&,$�(�2�$66e',2�025$/�12�%5$6,/

$� MXULVSUXGrQFLD� EUDVLOHLUD� YHP� VH� PDQLIHVWDQGR� QR� VHQWLGR� GH�UHYHODU�D� LPSRUWkQFLD�GH�VH�SXQLU�D�SUiWLFD�GR�DVVpGLR�PRUDO��TXDQGR�GHYLGDPHQWHFDUDFWHUL]DGD�D�H[LVWrQFLD�GR�GDQR�FDXVDGR�DR�DVVHGLDGR�

9HMD�VH�R�HQWHQGLPHQWR�GRV�7ULEXQDLV�

(0(17$��(;35(66®(6�3(-25$7,9$6�(�35(&21&(,7826$6�±7UDEDOKDGRU� TXH�� SRU� UHSHWLGDV� YH]HV�� p� WUDWDGR� HP� S~EOLFR� SRU�VXSHULRU� KLHUiUTXLFR� GH� IRUPD� SHMRUDWLYD� H� SUHFRQFHLWXRVD��SURFHGLPHQWR� TXH� EHLUD� D� GLVFULPLQDomR� UDFLDO�� WHP� DVVHJXUDGR� R�GLUHLWR�GH�SHUFHEHU�LQGHQL]DomR�SRU�GDQR�PRUDO�� �757�����5�± 3URF��52�9������������������������± $F����������� ± ���7�± 5HO��-XL]�&��$��*RGR\�,OKD�± '-6&�������������(0(17$�� $66e',2� 025$/� ± 352&(',0(172� 9(;$7Ï5,2� ±$%862�'(�',5(,72�± '(9(5�'(�%2$�)e�(�'(�62/,'$5,('$'(�± '$12� (� ,1'(1,=$d­2� ± $� H[LJrQFLD� GH� TXH� R� HPSUHJDGR�SHUFRUUD� GLYHUVRV� VHWRUHV� GD� HPSUHVD�� SDUD� YHULILFDomR� GH�SHQGrQFLDV� H� GHYROXomR� GH� PDWHULDO� QmR� SRGH� VHU� DFHLWD� VRE� D�MXVWLILFDWLYD� GH� DJLOL]DomR� GR� SURFHVVR� GH� GLVSHQVD�� $R� FRQWUiULR��FRQILJXUD� DWLWXGH� SHUYHUVD� TXH�� GHOLEHUDGDPHQWH�� FRORFD� R�WUDEDOKDGRU�� Mi� GHVJDVWDGR� SHOD� SHUGD� GR� HPSUHJR�� HP� VLWXDomR�FRQVWUDQJHGRUD�� 7UDWD�VH� GR� GHYHU� GH� ERD�Ip� TXH� GHYH� SHUPHDU� R�FRQWUDWR� GH� WUDEDOKR� H� QmR� VH� HQFHUUD� QD� UHVFLVmR�� +i� TXH� VH�LQFHQWLYDU� DWLWXGHV� GH� VROLGDULHGDGH�� QD� GLVSHQVD�� TXH�� DOpP� GH�UHGX]LU� RV� HIHLWRV� HVWUHVVDQWHV� GR� SURFHVVR� GHPLVVLRQDO�� LPSHGLUmR�TXH�R�GHPLWLGR�WUDQVPLWD�LQIRUPDo}HV�QHJDWLYDV�VREUH�D�HPSUHVD��+i�TXH� VH� REVHUYDU�� DLQGD�� TXH� D� GHIHVD� GR� SDWULP{QLR�� SHOR�HPSUHJDGRU�� p� OtFLWD�� GHVGH� TXH� QmR� WUDQVERUGH� RV� OLPLWHV�QHFHVViULRV�H�DWLQMD�R�SDWULP{QLR�PRUDO�GR�WUDEDOKDGRU��&RQILJXUDGR�R� GDQR� PRUDO�� D� LQGHQL]DomR� VH� LPS}H�� WDPEpP� FRPR� PHGLGD�SUHYHQWLYD� GD� UHLQFLGrQFLD�� 5HFXUVR� SURYLGR�� QR� SDUWLFXODU�� SDUD�FRQGHQDU�R�UpX�DR�SDJDPHQWR�GH�LQGHQL]DomR�SRU�GDQR�PRUDO�� �757�

Page 93: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

���5�� ± 3URF�������������������������± ������������� ± 5HO��-Xt]D�0DUOHQH�7��)XYHUNL�6XJXLPDWVX�± '-35�������������

1R� VHQWLGR� GD� FDUDFWHUL]DomR� GR� DVVpGLR� PRUDO� QR� DPELHQWH� GH�WUDEDOKR� FRP� D� UHLWHUDomR� GD� FRQGXWD� RIHQVLYD� RX� KXPLOKDQWH�� VH� SRVLFLRQRX� R�7ULEXQDO�5HJLRQDO�GR�7UDEDOKR�GD������5HJLmR��(VStULWR�6DQWR���

$� KXPLOKDomR� UHSHWLWLYD� H� GH� ORQJD� GXUDomR� LQWHUIHUH� QD� YLGD� GR�DVVHGLDGR� GH� PRGR� GLUHWR�� FRPSURPHWHQGR� VXD� LGHQWLGDGH��GLJQLGDGH�H�UHODo}HV�DIHWLYDV�H�VRFLDLV��RFDVLRQDQGR�JUDYHV�GDQRV�j�VD~GH� ItVLFD� H� PHQWDO�� TXH� SRGHP� HYROXLU� SDUD� D� LQFDSDFLGDGH�ODERUDWLYD�� GHVHPSUHJR� RX� PHVPR� D� PRUWH�� FRQVWLWXLQGR� XP� ULVFR�LQYLVtYHO�� SRUpP� FRQFUHWR�� QDV� UHODo}HV� H� FRQGLo}HV� GH� WUDEDOKR��$FyUGmR�������������'2(�������������

4XDQWR� j� KXPLOKDomR� GH� VXSHULRU� KLHUiUTXLFR� H� DV� UHSHUFXVV}HV�VRFLDLV��GHVWDFD�VH�

(0(17$�� $66e',2� 025$/� ± +80,/+$d­2� 325� 683(5,25�+,(5È548,&2� ± &$5$&7(5,=$d­2� ± '$12� 025$/� ±,1'(1,=$d­2� ± ³$� KXPLOKDomR� FRQVWDQWH� GR� HPSUHJDGR� SHUDQWH�VHXV� FROHJDV�� FRQVXEVWDQFLDGD� SRU� DGMHWLYDomR� LQVXOWRVD� H� MRFRVD�SHUSHWUDGD� SRU� VHX� VXSHULRU� KLHUiUTXLFR� FDUDFWHUL]D� DVVpGLR� PRUDO��HQVHMDQGR� D� UHSDUDomR� GR� GDQR� FRUUHVSRQGHQWH� SHOR� HPSUHJDGRU�´��757� ���� 5�� ± 52� ����������������������� ± 3URO�� -XL]� 9XOPDU� GH�$UD~MR�&RrOKR�-XQLRU�± '2-7�������������(0(17$� $66e',2� 025$/� ± 5(3(5&866®(6� 62&,$,6� ± $�TXHVWmR� GD� RIHQVD� j� PRUDO� FRQIODJUD� XP� VXEMHWLYLVPR� RULXQGR� GD�SUySULD� FRQGLomR� GH� FDGD� LQGLYtGXR�� 1mR� VH� VHQWH� PHQRV�FRQVWUDQJLGR� R� WUDEDOKDGRU� TXH� HVFROKH� DGRWDU� XPD� SRVWXUD�FRQFLOLDGRUD�� SUHIHULQGR� QmR� GHWRQDU� XPD� FULVH� QR� DPELHQWH� GH�WUDEDOKR� TXH� IDWDOPHQWH� R� SUHMXGLFDUi�� SRLV� D� TXHVWmR� DTXL�WUDQVFHQGH�D� ILJXUD�GR�RIHQGLGR��SURMHWDQGR�DV�FRQVHT�rQFLDV SHOD�VXSUHVVmR� GR� VHX� SRVWR� GH� WUDEDOKR� D� TXHP� GHOH� HYHQWXDOPHQWH�GHSHQGD�HFRQRPLFDPHQWH��2�IDQWDVPD�GR�GHVHPSUHJR�DVVXVWD��SRLV�DR� FRQWUiULR� GD� ILJXUD� LQGHILQLGD� H� HYDQHVFHQWH� TXH� SRYRD� R�LPDJLQiULR� SRSXODU�� HVWH� SHVDGHOR� p� UHDO�� e� R� UHFHLR� GH� SHUGHU� R�HPSUHJR� TXH� DOLPHQWD� D� WLUDQLD� GH� DOJXQV� PDXV� HPSUHJDGRUHV��GHL[DQGR�PDUFDV�SURIXQGDV�H�jV�YH]HV�LQGHOpYHLV�QRV�WUDEDOKDGRUHV�TXH�VRIUHP�R�DVVpGLR�PRUDO��([SRVWD�D�GHVXPDQLGDGH�GD�FRQGXWD�GR�HPSUHJDGRU��TXH�GH�IRUPD�DpWLFD��FULRX�SDUD�R�WUDEDOKDGRU�VLWXDo}HV�YH[DWyULDV� H� FRQVWUDQJHGRUDV� GH� IRUPD� FRQWLQXDGD� DWUDYpV� GDV�DJUHVV}HV� YHUEDLV� VRIULGDV�� LQFXWLQGR� QD� SVLTXH� GR� UHFRUUHQWH�SHQVDPHQWR� GHUURWLVWDV� RULJLQDGRV� GH� XPD� VXSRVWD� LQFDSDFLGDGH�SURILVVLRQDO�� 2� LVRODPHQWR� GHFUHWDGR� SHOR� HPSUHJDGRU�� DFDED� VH�

Page 94: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

H[SDQGLQGR�SDUD�QtYHLV�KLHUiUTXLFRV�LQIHULRUHV��DWLQJLQGR�RV�SUySULRV�FROHJDV� GH� WUDEDOKR�� (VWHV�� WDPEpP� SRU� PHGR� GH� SHUGHUHP� R�HPSUHJR�H�FLHQWHV�GD�FRPSHWLWLYLGDGH�SUySULD�GD� IXQomR��SDVVDP�D�KRVWLOL]DU�R� WUDEDOKDGRU��DVVRFLDQGR�VH�DR�GHWUDWRU�QD�FRQVWkQFLD�GD�FUXHOGDGH� LPSRVWD�� $� EXVFD� GHVHQIUHDGD� SRU� tQGLFHV� GH� SURGXomR�HOHYDGRV�� DOLPHQWDGD� SHOD� FRPSHWLomR� VLVWHPiWLFD� LQFHQWLYDGD� SHOD�HPSUHVD��UHOHJD�j�SUHWHULomR�D�KLJLGH]�PHQWDO�GR�WUDEDOKDGRU�TXH�VH�Yr�YLWLPDGR�SRU�FRPSRUWDPHQWRV�DJUHVVLYRV�DOLDGR�j� LQGLIHUHQoD�DR�VHX�VRIULPHQWR��$�DGRomR�GH�XPD�YLVmR�VLVWrPLFD�VREUH�R�DVVXQWR��ID]� YHU� TXH� R� SURFHVVR� GH� JOREDOL]DomR� GD� HFRQRPLD� FULD� SDUD� D�VRFLHGDGH�XP�UHJLPH�SHUYHUVR��HLYDGR�GH�GHVOHDOGDGH�H�H[SORUDomR��LQLT�LGDGHV� TXH� QmR� UHSHUFXWHP� DSHQDV� QR� DPELHQWH� GH� WUDEDOKR��JHUDQGR� JUDYH� GHVQtYHO� VRFLDO�� 'Dt� D� FRUUHWtVVLPD� DILUPDomR� GR�LOXVWUH�$JXLDU�'LDV� GH�TXH�R� �SUHMXt]R� LPSRVWR�DR�SDUWLFXODU� DIHWD� R�HTXLOtEULR� VRFLDO��� DR� WUDEDOKDGRU� DVVHGLDGR� SHOR� FRQVWUDQJLPHQWR�PRUDO�� VREUD� D� GHSUHVVmR�� D� DQJ~VWLD� H� RXWURV� PDOHV� SVtTXLFRV��FDXVDQGR� VpULRV� GDQRV� D� VXD� TXDOLGDGH� GH� YLGD�� 1HVVH� VHQWLGR��FRQILJXUDGD�D�YLRODomR�GR�GLUHLWR�H�R�SUHMXt]R�PRUDO�GHULYDQWH�� �757����5��± 52�������± ��������������± ���7��± 5HO��-XL]�9DOGLU�)ORULQGR�± '2(63�������������

1R� VHQWLGR� GD� UHOHYkQFLD� GR� WHPSR�� RX� VHMD�� R� DVVpGLR� PRUDO�SUHVVXS}H�DWRV�FRQWLQXDGRV�QR�WHPSR��H�QmR�PHUD�DomR�LVRODGD�

757�35������������ $66e',2� 025$/�� 68-(,d­2� '2�(035(*$'2�� ,55(/(9Æ1&,$�'(�48(�2�&21675$1*,0(172�1­2� 7(1+$� 3(5'85$'2� 325� /21*2� /$362� '(� 7(032��&RQTXDQWR�QmR VH� WUDWH�GH� IHQ{PHQR�UHFHQWH��R�DVVpGLR�PRUDO� WHP�PHUHFLGR� UHIOH[mR� H� GHEDWH� HP� IXQomR� GH� DVSHFWRV� TXH�� QR� DWXDO�FRQWH[WR� VRFLDO� H� HFRQ{PLFR�� OHYDP� R� WUDEDOKDGRU� D� VH� VXMHLWDU� D�FRQGLo}HV�GH� WUDEDOKR�GHJUDGDQWHV��QD�PHGLGD�HP�TXH�DIHWDP�VXD�GLJQLGDGH��$�SUHVVmR�VREUH�RV�HPSUHJDGRV��FRP�DWLWXGHV�QHJDWLYDV�TXH�� GHOLEHUDGDPHQWH�� GHJUDGDP� DV� FRQGLo}HV� GH� WUDEDOKR�� p�FRQGXWD� UHSURYiYHO� TXH�PHUHFH� SXQLomR�� $� KXPLOKDomR�� QR� VHQWLGR�GH� VHU� RIHQGLGR�� PHQRVSUH]DGR�� LQIHULRUL]DGR�� FDXVD� GRU� H�VRIULPHQWR�� LQGHSHQGHQWH GR� WHPSR� SRU� TXH� VH� SURORQJRX� R�FRPSRUWDPHQWR�� $� UHSDUDomR� GR� GDQR� p� D� IRUPD� GH� FRLELU� R�HPSUHJDGRU� TXH� LQWLPLGD� R� HPSUHJDGR�� VHP�TXH� VH� FRJLWH� GH� TXH�HOH�� HP� LQGLVFXWtYHO� HVWDGR� GH� VXMHLomR�� SXGHVVH� WRPDU� SURYLGrQFLD�QR� FXUVR� GR� FRQWUDWR� GH� WUDEDOKR�� R� TXH�� FHUWDPHQWH�� FRORFDULD� HP�ULVFR� D� SUySULD� PDQXWHQomR� GR� HPSUHJR�� 5HFXUVR� SURYLGR� SDUD�FRQGHQDU�D�Up�DR�SDJDPHQWR�GH� LQGHQL]DomR�SRU�GDQRV�SURYRFDGRV�SHOR� DVVpGLR� PRUDO�� 757�35������������������������$&2�������������5(/$725��0$5/(1(�7��)89(5.,�68*8,0$768��3XEOLFDGR�QR�'-35�HP������������

(P� RXWUD� GHFLVmR� GR� 7ULEXQDO� 5HJLRQDO� GR� 7UDEDOKR� GD� ��� 5HJLmR�7ULEXQDO��SHOD����7XUPD��WHQGR�FRPR�UHODWRU�)UDQFLVFR�)HUUHLUD�-RUJH�1HWR��H�UHYLVRU�

Page 95: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

6DOYDGRU� )UDQFR� GH� /LPD� /DXULQR�� MXOJDQGR� HP� ��� GH� MXOKR� GH� ����� R� DFyUGmR��������������DVVLP�GHFLGLUDP�RV�PDJLVWUDGRV��

$66e',2� 025$/� (� $� 5(63216$%,/,'$'(� &,9,/� '2�(035(*$'25�� ��� 2� GDQR�PRUDO� HVWi� SUHVHQWH� TXDQGR� VH� WHP� D�RIHQVD� DR� SDWULP{QLR� LGHDO� GR� WUDEDOKDGRU�� WDLV� FRPR�� D� KRQUD�� D�OLEHUGDGH�� D� LPDJHP�� R� QRPH� HWF�� 1mR� Ki G~YLGDV� GH� TXH� R� GDQR�PRUDO�GHYH�VHU�UHVVDUFLGR��DUW�����9�H�;��&)���2�TXH�MXVWLILFD�R�GDQR�PRUDO��QRV�PROGHV�GD�H[RUGLDO��p�R�DVVpGLR�PRUDO�����2�DVVpGLR�PRUDO�p� D� H[SRVLomR� GR� WUDEDOKDGRU� D� VLWXDo}HV� KXPLOKDQWHV� H�FRQVWUDQJHGRUDV�� UHSHWLWLYDV� H� SURORQJDGDV� GXUDQWH� D� MRUQDGD� GH�WUDEDOKR�H�QR�H[HUFtFLR�GH�VXDV�IXQo}HV�����2�HPSUHJDGRU��SHOD�FXOSD�QD� HVFROKD� H� QD� ILVFDOL]DomR�� WRUQD�VH� UHVSRQViYHO� SHORV� DWRV� GH�VHXV�SUHSRVWRV��6~PXOD�Q�������67)���$�UHVSRQVDELOLGDGH�p�REMHWLYD�GR�HPSUHJDGRU��&RQWXGR�� WRUQD�VH�QHFHVViULD�D�SURYD�GR�SUHSRVWR��ORJR�� WHPRV� R� IDWRU� GD� UHVSRQVDELOLGDGH� VXEMHWLYD�� SHOD�PRGDOLGDGH�H[WUDFRQWUDWXDO��DUW������&yGLJR�&LYLO�GH�������DWXDO������&yGLJR�&LYLO�GH��������2V�UHTXLVLWRV�GD�UHVSRQVDELOLGDGH�FLYLO�VXEMHWLYD�VmR��D��DWR�FRPLVVLYR�RX�RPLVVLYR��E��GDQR�PRUDO�� F��QH[R�FDXVDO�� G�� FXOSD�HP�VHQWLGR� DPSOR� �GROR�� RX� UHVWULWR� �QHJOLJrQFLD�� LPSUXGrQFLD� RX�LPSHUtFLD��� ��� 2� H[DPH� JOREDO� GDV� SURYDV� LQGLFD� TXH� QmR� Ki�HOHPHQWRV�VHJXURV�SDUD�MXVWLILFDU�D�RIHQVD�PRUDO�RX�DV�DJUHVV}HV�GD�6UD��0DUWD� QmR� Vy�HP� UHODomR� DR� DXWRU�� FRPR� WDPEpP�HP� UHODomR�DRV�GHPDLV� IXQFLRQiULRV��$�SURYD�Ki�GH�VHU�FDEDO�H� UREXVWD�SDUD�R�UHFRQKHFLPHQWR�GR�GDQR�PRUDO��1mR�Ki�HOHPHQWRV�SDUD�VH�LQGLFDU�D�SUHVHQoD�GR�DVVpGLR�PRUDO��6H�QmR�Ki�R�HOHPHQWR�GR�DWR��GHL[D�GH�VH�MXVWLILFDU�D�H[LVWrQFLD�GR�SUySULR�DVVpGLR��(��SRU�ILP��R�GDQR�PRUDO�p� TXHVWLRQiYHO�� QRWDGDPHQWH�� TXDQGR� R� SUySULR� DXWRU� GLVVH� TXH�QXQFD� SURFXURX� RULHQWDomR� SVLFROyJLFD� RX� UHFODPDo}HV� SHUDQWH� R�0LQLVWpULR�GR�7UDEDOKR�RX�D�'HOHJDFLD�5HJLRQDO�GR�7UDEDOKR��'LDQWH�GD� LQH[LVWrQFLD� GRV� UHTXLVLWRV� GD� UHVSRQVDELOLGDGH� FLYLO�� GHVFDEH� D�LQGHQL]DomR�SRU�GDQR�PRUDO�

2� TXH� VH� FRQFOXt� GD� -XULVSUXGrQFLD� p� TXH� D� PHVPD� WHP� VH�PDQLIHVWDGR�QR�VHQWLGR�GH�SURWHJHU�R�WUDEDOKDGRU�TXH��SRU�UHSHWLGDV�YH]HV��p�WUDWDGR�HP�S~EOLFR�SRU�VXSHULRU�KLHUiUTXLFR�GH�IRUPD�SHMRUDWLYD�H�SUHFRQFHLWXRVD��

$� UHLWHUDomR� GD� FRQGXWD� KXPLOKDQWH� SHUDQWH� RV� FROHJDV�� D�UHSHUFXVVmR�VRFLDO�GHVVH�DWR��H�D�UHVSRQVDELOLGDGH�GR�HPSUHJDGRU�RX�SUHSRVWR��VmR�UHTXLVLWRV�LPSRUWDQWHV�TXH�HQVHMDP�D�REULJDomR�GH�LQGHQL]DU�GHFRUUHQWH�GR�DVVpGLR�PRUDO��SUHVHQWHV�QD� MXULVSUXGrQFLD�FRPR� UHTXLVLWRV�HVVHQFLDLV�SDUD�D�FRQILJXUDomR�GR�GDQR�PRUDO�

Page 96: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

� 2�'$12�025$/

$XUpOLR�%XDUTXH�GH�+RODQGD��� GHILQH�R�YRFiEXOR�³GDQR´�FRPHQWDQGR�TXH� p� RULJLQiULR� GR� ODWLP�GDPQXP�� FRQFHLWXDQGR�R� FRPR� VHQGR�� ³PDO� RX� RIHQVD�SHVVRDO�� SUHMXt]R�PRUDO�� SUHMXt]R�PDWHULDO� FDXVDGR� D� DOJXpP� SHOD� GHWHULRUDomR� RX�LQXWLOL]DomR�GH�EHQV�VHXV´�

5RGROIR� 3DPSORQD� )LOKR��� FRQFHLWXD� GDQR� PRUDO� FRPR� VHQGR� ³D�OHVmR� RX� SUHMXt]R� TXH� VRIUH� XPD� SHVVRD�� HP� VHXV� EHQV� YLWDLV� QDWXUDLV� ± QmR�SDWULPRQLDLV�± RX�HP�VHX�SDWULP{QLR�YDORUDGR�HFRQRPLFDPHQWH´�

3DUD�<XVVHI�6DLG�&DKDOL����

7XGR� DTXLOR� TXH� PROHVWD� JUDYHPHQWH� D� DOPD� KXPDQD�� IHULQGR�OKH�JUDYHPHQWH�RV�YDORUHV� IXQGDPHQWDLV� LQHUHQWHV�j�VXD�SHUVRQDOLGDGH�RX�UHFRQKHFLGRV�SHOD�VRFLHGDGH�HP�TXH�HVWi�LQWHJUDGR��TXDOLILFD�VH��HP� OLQKD�GH�SULQFtSLR��FRPR�GDQR�PRUDO��QmR�Ki�FRPR�HQXPHUi�ORV�H[DXVWLYDPHQWH��HYLGHQFLDQGR�VH�QD�GRU��QD�DQJ~VWLD��QR�VRIULPHQWR��QD� WULVWH]D� SHOD� DXVrQFLD� GH� XP� HQWH� TXHULGR� IDOHFLGR�� QR�GHVSUHVWtJLR��QD�GHVFRQVLGHUDomR�VRFLDO��QR�GHVFUpGLWR�j�UHSXWDomR��QD� KXPLOKDomR� S~EOLFD�� QR� GHYDVVDPHQWR� GD� SULYDFLGDGH�� QR�GHVHTXLOtEULR�GD�QRUPDOLGDGH�SVtTXLFD��QRV�WUDXPDWLVPRV�HPRFLRQDLV��QD� GHSUHVVmR� RX� QR� GHVJDVWH� SVLFROyJLFR�� QDV� VLWXDo}HV� GH�FRQVWUDQJLPHQWR�PRUDO�

0DULD� +HOHQD� 'LQL]��� FRQFHLWXD� GDQR� PRUDO� FRPR�� ³R� GDQR� PRUDO�YHP� D� VHU� D� OHVmR� GH� LQWHUHVVHV� QmR� SDWULPRQLDLV� GH� SHVVRD� ItVLFD� RX� MXUtGLFD��SURYRFDGD�SHOR�IDWR�OHVLYR´�

&DUOR�$OEHUWR�%LWWDU��� HVWDEHOHFH�D�FRUUHODomR�HQWUH�GLUHLWR�H�GDQR��$VVLP�GLVSRQGR�

��� +2/$1'$��$XUpOLR�%XDUTXH�GH�� 1RYR�GLFLRQiULR�GD� OtQJXD�SRUWXJXHVD�� ��HG��5LR�GH� -DQHLUR��1RYD�)URQWHLUD��������S�����

��� 3$03/21$�),/+2��������S������� &$+$/,��<XVVHI�6DLG��'DQR�PRUDO����HG��6mR�3DXOR��5HYLVWD�GRV�7ULEXQDLV��������S������� ',1,=��0DULD�+HOHQD��&XUVR�GH�GLUHLWR�FLYLO�EUDVLOHLUR�����HG��6mR�3DXOR��6DUDLYD��������S������� %,77$5��&DUORV�$OEHUWR��5HSDUDomR�FLYLO�SRU�GDQRV�PRUDLV� 6mR�3DXOR��57������� S�����

Page 97: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

2�'LUHLWR� UHJXOD��QD�GHIHVD�GRV�YDORUHV�PDLRUHV�GD�VRFLHGDGH�H�GD�SHVVRD�� RV� HIHLWRV� GHFRUUHQWHV� GH� IDWRV� KXPDQRV� SURGXWRUHV� GH�OHV}HV�D�FHUWRV�LQWHUHVVHV�DOKHLRV�SURWHJLGRV�H��FRP�LVVR��JDUDQWH�D�IOXrQFLD�QDWXUDO�H�SDFtILFD�GDV� LQWHQo}HV�VRFLDLV��2�DJHQWH�GH� IDWRV�OHVLYRV�TXH� OKH�SRVVDP�VHU� LPSXWiYHLV�� VXEMHWLYD�RX�REMHWLYDPHQWH��DUFD� FRPR� {QXV� FRUUHVSRQGHQWH�� WDQWR� HP� VHX� SDWULP{QLR� FRP�HP�VXD�SHVVRD��RX�HP�DPERV��H�DVVXPH�D�REULJDomR�GH�LQGHQL]DU�GDQRV�SURYRFDGRV�� FRQWUD� LXV�� D� SHVVRDV�� RX� D� EHQV� H� D� GLUHLWRV� DOKHLRV��'DQR� p�� QHVVH� FRQWH[WR�� TXDOTXHU� OHVmR� LQMXVWD� D� FRPSRQHQWHV� GR�FRPSOH[R� GH� YDORUHV� SURWHJLGRV� SHOR� 'LUHLWR�� LQFOXtGR�� SRLV�� R� GH�FDUiWHU�PRUDO�

-RVp�$JXLDU�'LDV��� GHILQH�GDQR�PRUDO�FRPR�

$V� GRUHV� ItVLFDV� H� PRUDLV� TXH� R� KRPHQ� H[SHULPHQWD� HP� IDFH� GD�OHVmR��2�GDQR�TXH�LQWHUHVVD�DR�HVWXGR�GD�UHVSRQVDELOLGDGH�FLYLO�p�R�TXH�FRQVWLWXL�UHTXLVLWR�GD�REULJDomR�GH�LQGHQL]DU��$VVLP��QmR�VH�SRGH�GHL[DU� GH� DWHQGHU� QD� GLYLVmR�� GDQRV� SDWULPRQLDLV� H� GDQRV� PRUDLV�PDWHULDLV� RX� QmR� SDWULPRQLDLV��4XDQGR� DR� GDQR� QmR� FRUUHVSRQGHP�DV� FDUDFWHUtVWLFDV� GR� GDQR� SDWULPRQLDO�� GL]HPRV� TXH� HVWDPRV� QD�SUHVHQoD�GR�GDQR�PRUDO�

(�R�DXWRU�DLQGD�FLWD�D�GHILQLomR�GH�+DQV�$��)LVFKHU�����FRQVLGHUDQGR�R�GDQR�HP�VXDV�GXDV�DFHSo}HV�

D��D�YXOJDU��GH�SUHMXt]R�TXH�DOJXpP�VRIUH�QD�VXD�DOPD��QR�FRUSR�RXQRV�VHXV�EHQV��VHP�LQGDJDomR�GH�TXHP�VHMD�R�DXWRU�GD�OHVmR�GH�TXH�UHVXOWD�E�� D� MXUtGLFD�� TXH�� HPERUD� SDUWLQGR� GD� PHVPD� FRQFHSomR�IXQGDPHQWDO��p�GHOLPLWDGD�SHOD�VXD�FRQGLomR�GH�SHQD�RX�GH�GHYHU�GH�LQGHQL]DU��H�YHP�D�VHU�R�SUHMXt]R�VRIULGR�SHOR�VXMHLWR GH�GLUHLWRV�HP�FRQVHT�rQFLD�GD�YLRODomR�GHVWHV�SRU�IDWR�DOKHLR�

&HOVR� 5LEHLUR� %DVWRV� H� ,YHV� *DQGUD� 0DUWLQV��� FRPHQWDP� TXH� ³D�SURWHomR�j�KRQUD�FRQVLVWH�QR�GLUHLWR�GH�QmR�VHU�RIHQGLGR�RX�OHVDGR�QD�VXD�GLJQLGDGH�RX�FRQVLGHUDomR�VRFLDO´�

��� ',$6��-RVp�GH�$JXLDU��'D�UHVSRQVDELOLGDGH�FLYLO� ���HG��5LR�GH�-DQHLUR��)RUHQVH��������S�������� ,G��,ELG���S�������� %$6726��&HOVR�5LEHLUR��0$57,16�� ,YHV�*DQGUD�� &RPHQWiULRV� j� FRQVWLWXLomR�GR�%UDVLO�� 6mR�

3DXOR��6DUDLYD��������S����

Page 98: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

��

(QRTXH�FLWD�D�GHILQLomR�DSUHVHQWD�SRU�6DOD]DU��� VREUH�R�GDQR�

7RGD�H�TXDOTXHU�VXEWUDomR�HP�GLPLQXLomR� LPSRVWD�DR�FRPSOH[R�GH�QRVVRV�EHQV��GDV�XWLOLGDGHV�TXH�IRUPDP�RX�SURSLFLDP�R�QRVVR�EHP�HVWDU�� WXGR�R�TXH��HP�VXPD��QRV�VXSULPH�XPD�XWLOLGDGH��XP�PRWLYR�GH�SUD]HU�RX�QRV�LPS}H XP�VRIULPHQWR�p�GDQR��WRPDGD�D�SDODYUD�QD�VXD� VLJQLILFDomR�JHQpULFD��1D�HVIHUD� GR�GLUHLWR�� SRUpP�� R� GDQR WHP�XPD�FRPSUHHQVmR�PDLV�UHGX]LGD��p�D�RIHQVD�RX� OHVmR�GRV�EHQV�RX�LQWHUHVVHV�VXVFHWtYHLV�GH�SURWHomR�MXUtGLFD�

0XLWRV� RXWURV� GRXWULQDGRUHV� DERUGDP� D PDWpULD�� HP� RUGHP� D�FRQFHLWXDU�H�HQTXDGUDU�R�GDQR�PRUDO��FRP�XP�FDUiWHU�PDLV�DEUDQJHQWH��QmR�DSHQDV�OLJDGR�j�LGpLD�GH�GLPLQXLomR�GH�SDWULP{QLR��PDV�WDPEpP��FRPR�XPD�OHVmR��XPD�GRU�PRUDO�� QDWXUDOPHQWH� HP� VHGH� GH� GDQR� DR� LQGLYtGXR�� SHVVRD� ItVLFD�� 'RU� HVWD��SURYRFDGD� QR� tQWLPR� GD� SHVVRD�� QD� VXD� SHUVRQDOLGDGH�� QR� VHX� FDUiWHU�� QRV� VHXV�YDORUHV��HP�TXDOTXHU�EHP�RX�LQWHUHVVH�MXUtGLFR��SDWULPRQLDO�RX�PRUDO�

([LVWHP�YiULDV�GHILQLo}HV�DSUHVHQWDGDV�SRU�GLYHUVRV�DXWRUHV�VREUH�R�WHPD��'HVWDFD�VH�DTXHOD�DSUHVHQWDGD�SHORSURIHVVRU�'U��&OD\WRQ�5HLV�����SDUD�TXHP��³D�QRomR�GH�GDQR�HQYROYH�D� LGpLD�GH�SUHMXt]R��GHSUHFLDomR��GHWHULRUDomR��SHUGD�GH�DOJXPD�FRLVD�QR�VHQWLGR�HWLPROyJLFR´��

3DUD�-RVp�GH�$JXLDU�'LDV�����GDQR�PRUDO�VH�MXVWLILFD�

1D�SHQRVD�VHQVDomR�GH�RIHQVD��QD�KXPLOKDomR�SHUDQWH�WHUFHLURV��QD�GRU� VRIULGD�� HQILP�� QRV� HIHLWRV� SXUDPHQWH� SVtTXLFRV� H� VHQVRULDLV�H[SHULPHQWDGRV� SHOD� YtWLPD� GR� GDQR�� HP� FRQVHT�rQFLD� GHVWH�� VHMD�SURYRFDGD�SHOD�UHFRUGDomR�GR�GHIHLWR�RX�GD�OHVmR��TXDQGR�QmR�WHQKD�GHL[DGR�UHVtGXR�PDLV�FRQFUHWR��VHMD SHOD�DWLWXGH�GH�UHSXJQkQFLD�RX�GH�UHDomR�DR�ULGtFXOR�WRPDGD�SHODV�SHVVRDV�TXH�R�GHIURQWDP��

$OLFH� 0RQWHLUR� GH� %DUURV��� DSRQWD� DOJXPDV� WHRULDV� D� FHUFD� GR�FRQFHLWR�GH�GDQR�PRUDO�GH�IRUPD�EDVWDQWH�HVSHFtILFD�

��� 6$1726� (QRTXH�5LEHLUR�GRV��2�GDQR�PRUDO�QD�GLVSHQVD�GR�HPSUHJDGR ����HG��6mR�3DXOR��/WU��������S����

��� 5(,6��&OD\WRQ��$YDOLDomR�GR�GDQR�PRUDO��5LR�GH�-DQHLUR��)RUHQVH��������S������ ',$6��������S�������� %$5526��������S�����

Page 99: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

&RQWURYHUWLGR� p� R� FRQFHLWR� GH� GDQR� PRUDO�� 'H� DFRUGR� FRP� XPD�SULPHLUD� OLQKD�GH�SHQVDPHQWR��R�GDQR PRUDO�p� µWRGR�GHWULPHQWR�TXH�QmR� SRVVD� VHU� FRQVLGHUDGR� FRPR� GDQR� SDWULPRQLDO¶�� 2� FRQFHLWR� p�FULWLFDGR�SRU� VHU� VLPSOLVWD�H�GHILQLU� QHJDomR��8PD�VHJXQGD�SRVLomR�VXVWHQWD�TXH�R�GDQR�PRUDO�VH�GHWHUPLQD�SHOD�tQGROH�H[WUDSDWULPRQLDO�GR�GLUHLWR� OHVDGR��(VVD�SRVLomR�p�FRPEDWLGD�DR�IXQGDPHQWR�GH�TXH�QHP� VHPSUH� D� OHVmR� DR� GLUHLWR� H[WUDSDWULPRQLDO� JHUD� GDQR� GHVVD�QDWXUH]D��$GHPDLV��SRGH�RFRUUHU�TXH�XP�GDQR�PRUDO�WHQKD�WDPEpP�XP� FDUiWHU� SDWULPRQLDO� RX�� LQYHUVDPHQWH�� D� OHVmR� D� GLUHLWRV�SDWULPRQLDLV� VHMD� VXVFHWtYHO� GH� FDXVDU� VLPXOWDQHDPHQWH� GDQR�SDWULPRQLDO�H�PRUDO��3DVVtYHO�GHVVDV�PHVPDV�FUtWLFDV�DQWHULRUHV�p�RFRQFHLWR�VHJXQGR�R�TXDO�R�GDQR PRUDO�p�R�µTXH�VH�LQIOLJH�DR�YLRODU�VH�DOJXQV�GRV�GLUHLWRV�GD�SHUVRQDOLGDGH¶��+i�WDPEpP�RV�TXH�DVVHYHUDP�TXH�R�µGDQR�PRUDO�FRQVLVWH�HP�XPD�OHVmR�D�XP�LQWHUHVVH�GH�FDUiWHU�H[WUDSDWULPRQLDO��SUHVVXSRVWR�GH�XP�GLUHLWR¶��$�SULQFLSDO�FUtWLFD�TXH�VH�WHFH�D�HVVD� WHRULD�p�D�GH�TXH�FRQIXQGH�GDQR�HP� µVHQWLGR�DPSOR¶�H�GDQR�UHVVDUFtYHO�

&RQFOXL�VH TXH�� R� GDQR� PRUDO� QR� 'LUHLWR� %UDVLOHLUR�� DSyV� D� &DUWD�0DJQD� GH� ������ FRPSRUWD� UHSDUDo}HV�� LQGHSHQGHQWHPHQWH� GR� UDPR� HP� TXH�SUDWLFDGR��H��SRUWDQWR��WDPEpP�SUHVHQWH�QR�'LUHLWR�GR�7UDEDOKR��

��� 1$785(=$�-85Ë',&$�'$�,1'(1,=$d­2�325�'$12�025$/

([LVWHP�GXDV FRUUHQWHV�GRXWULQiULDV�DFHUFD�GD�QDWXUH]D� MXUtGLFD�GD�LQGHQL]DomR� SRU� GDQRV� PRUDLV�� VHQGR� D� SULPHLUD�� GH� FDUiWHU� SXQLWLYR�± YLVD� QmR�GHL[DU�R�OHVDQWH�VHP�VDQomR��$�VHJXQGD�FRUUHQWH�± GH�FDUiWHU�FRPSHQVDWyULR�± YLVD�SURSRUFLRQDU�YDQWDJHP�DR�RIHQGLGR�SDUD�TXH�SRVVD�VH�VDWLVID]HU�PDWHULDOPHQWH�

$OLFH�0RQWHLUR�GH�%DUURV��� FRPHQWD�TXH�D�QDWXUH]D�MXUtGLFD�GR�GDQR�PRUDO� QmR� p� SDFtILFD�� RX� VHMD�� ³LJXDOPHQWH� FRQWURYHUWLGD� p� D� QDWXUH]D� MXUtGLFD� GR�GDQR�PRUDO�� VHQGR� FRQVLGHUDGD� SDUD� XQV� SHQD�H� SDUD� RXWURV�� UHVVDUFLPHQWR�� WHVH�TXH�WHP�SUHYDOHFLGR�´

��� %$5526��������S�����

Page 100: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

0DULD�+HOHQD�'LQL]��� FRPHQWD�TXH�

$� UHSDUDomR� SHFXQLiULD� GR� GDQR� PRUDO� p� XP� PLVWR� GH� SHQD� H�VDWLVIDomR�FRPSHQVDWyULD��1mR�VH�SRGH�QHJDU�VXD�IXQomR��D��SHQDO��FRQVWLWXLQGR� XPD� VDQomR� LPSRVWD� DR� RIHQVRU�� YLVWR� TXH� R� EHP�MXUtGLFR� GD� SHVVRD� ± LQWHJULGDGH� ItVLFD�� PRUDO� H� LQWHOHFWXDO�� QmR�SRGHUi� VHU� YLRODGR� LPSXQHPHQWH�� VXEWUDLQGR�VH� RV� HX� RIHQVRU� jV�FRQVHT�rQFLDV�GH�VHX�DWR�SRU�QmR�VHUHP�UHSDUiYHLV��E��VDWLVIDWyULD�RX�FRPSHQVDWyULD��SRLV�FRPR�GDQR�PRUDO�FRQVWLWXL�XP�PHQRVFDER�D�LQWHUHVVHV� MXUtGLFRV� H[WUDSDWULPRQLDLV�� SURYRFDQGR� VHQWLPHQWRV� TXH�QmR� WHP� SUHoR�� D� UHSDUDomR� SHFXQLiULD� YLVD� SURSRUFLRQDU� DR�SUHMXGLFDGR� XPD� VDWLVIDomR� TXH� DWHQXH� D� RIHQVD� FDXVDGD�� 1mR� VH�WUDWD��FRPR�YLPRV��GH�XPD�LQGHQL]DomR�GH�VXD�GRU��GD�SHUGD�GH�VXD�WUDQT�LOLGDGH� RX� SUD]HU� GH� YLYHU�� PDV� GH� XPD� FRPSHQVDomR� SHOR�GDQR� H� LQMXVWLoD� TXH� VRIUHX�� VXVFHWtYHO� GH� SURSRUFLRQDU� XPD�YDQWDJHP� DR� RIHQGLGR�� SRLV� HOH� SRGHUi�� FRP� D� VRPD� GH� GLQKHLUR�UHFHELGD�� SURFXUDU� DWHQGHU� jV� VDWLVIDo}HV� PDWHULDLV� RX� LGHDLV� TXH�UHSXWH�FRQYHQLHQWHV��DWHQXDQGR�DVVLP��HP�SDUWH��VHX�VRIULPHQWR�

(QRTXH��� FRPHQWD�TXH�

$� UHSDUDomR� GR� GDQR� PRUDO� WHP�� HQWUH� QyV�� DWXDOPHQWH�� GXDV�ILQDOLGDGHV�EiVLFDV��RX�VHMD��D��LQGHQL]DU�SHFXQLDULDPHQWH�R�RIHQGLGR��SURSRUFLRQDQGR�OKH�PHLRV�GH�PLWLJDU��GH�DPHQL]DU��GH�DUUHIHFHU�D�GRU�H[SHULPHQWDGD� HP� IXQomR� GD� DJUHVVmR�PRUDO� D� TXH� IRL� DFRPHWLGR��HP�XP�PLVWR�GH�FRPSHQVDomR�H�VDWLVIDomR��E��SXQLU�R�FDXVDGRU�GR�'DQR�0RUDO��LQLELQGR�QRYRV�FDVRV�OHVLYRV��LQGHVHMiYHLV�H�QHIDVWRV�DR�FRQYtYLR�HP�VRFLHGDGH�

2EVHUYDQGR�VH� TXH� D� FRPSHQVDomR� SHFXQLiULD� p� D� IRUPD� PDLV�IUHT�HQWH� GH� UHSDUDomR� GRV� GDQRV� PRUDLV�� H[LVWH� XPD� GLVFXVVmR� GRXWULQiULD� H�MXULVSUXGHQFLDO�DFHUFD�GR�SRVVtYHO�FDUiWHU�SXQLWLYR�GD�LQGHQL]DomR�D�WtWXOR�GH�GDQRV�PRUDLV��PHQFLRQDQGR�VH��QHVVHV�FDVRV��D�FKDPDGD�7HRULD�GR�9DORU�GR�'HVHVWtPXOR�

$� WHRULD� WHYH� RULJHP� QRV� FKDPDGRV� LQVWLWXWRV� GRV� GDQRV� SXQLWLYRV��SXQLWLYH� GDPDJHV�� GR� GLUHLWR� QRUWH�DPHULFDQR�� (� GHIHQGH� R� FDUiWHU� SXQLWLYR� GD�LQGHQL]DomR� SRU� GDQRV� PRUDLV�� VHJXQGR� D� TXDO�� QD� IL[DomR� GD� LQGHQL]DomR� SHORV�GDQRV� PRUDLV� VRIULGRV�� GHYH� R� 0DJLVWUDGR� HVWDEHOHFHU� XP� YDORU� FDSD]� GH�

��� ',1,=��������S������� 6$1726��������S����

Page 101: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

LPSHGLU�GLVVXDGLU� SUiWLFDV� VHPHOKDQWHV�� DVVXPLQGR� IRUPD� GH� YHUGDGHLUD� SXQLomR�FULPLQDO�QR�kPELWR�FtYHO�

&XPSUH� UHVVDOWDU�� LQLFLDOPHQWH�� TXH� R� LQVWLWXWR� GRV� GDQRV� SXQLWLYRV�GRV�(8$�QmR�JXDUGD�TXDOTXHU�VHPHOKDQoD�FRP�R�LQVWLWXWR�GD�LQGHQL]DomR�SRU�GDQRV�PRUDLV�GR�GLUHLWR�EUDVLOHLUR�

(QRTXH�����FLWDQGR�&DUORV�$OEHUWR�%LWWDU��FRPHQWD�TXH��

$GRWDGD� D� UHSDUDomR� SHFXQLiULD� ± TXH�� DOLiV�� p� D� UHJUD� QD� SUiWLFD��GLDQWH GRV�DQWHFHGHQWHV�H[SRVWRV�± YHP�VH�FULVWDOL]DQGR�RULHQWDomR�QD�MXULVSUXGrQFLD�QDFLRQDO�TXH��Mi�GH�ORQJR�WHPSR��GRPLQD�R�FHQiULR�LQGHQL]DWyULR�QRV�'LUHLWRV�QRUWH�DPHULFDQR�H�LQJOrV��e�D�GD�IL[DomR�GH�YDORU�TXH�VHUYH�FRPR�GHVHVWtPXOR�D�QRYDV�DJUHVV}HV��FRHUHQWH�FRP�R� HVStULWR� GRV� UHIHULGRV� SXQLWLYH� RX� H[HPSODU\� GDPDJHV GD�MXULVSUXGrQFLD�GDTXHOHV�SDtVHV�

(�R�DXWRU��� FRQFOXL�TXH��

6RPRV�GD�RSLQLmR�TXH�QR�DVSHFWR�GD�UHVVDUFLELOLGDGH�GR�GDQR�PRUDO��GHFRUUHQWH� GH� DWR� LOtFLWR� QDV� UHODo}HV� FRQWUDWXDLV�� QmR� DSHQDV� R�'LUHLWR�GR�7UDEDOKR��PDV�WDPEpP�R�'LUHLWR�%UDVLOHLUR�FRPR�XP�WRGR��SRGHULDP� EXVFDU� R� H[HPSOR� QR� 'LUHLWR� 1RUWH� $PHULFDQR��HVSHFLILFDGDPHQWH�QR�FRQFHLWR�H�DSOLFDomR�GR�SULQFtSLR�GR� µSXQLWLYH�GDPDJH¶� TXH� VH�PROGD� QD� 7HRULD� 6DQFLRQDULD�� SDUD� DSOLFDomR� HP�VHXV� FDVRV� FRQFUHWRV�� GH� IRUPD� D� DXPHQWDU� R� µVHQWLPHQWR� GH�SUHYHQomR¶�QR�VHLR�GD�VRFLHGDGH�

$�UHSDUDomR�GR�GDQR�PRUDO�p�PDLV�FRPSOH[D�QD�HVIHUD�GD�GLJQLGDGH�GD� SHVVRD� KXPDQD� GR� WUDEDOKDGRU� SRUTXH� p� GLItFLO� PHQVXUDU� D� LQWHQVLGDGH� GR�VRIULPHQWR� SVLFROyJLFR� GR� WUDEDOKDGRU�� SRLV� DJULGH� VXD� SHUVRQDOLGDGH� PRUDO��SURILVVLRQDO�� VRFLDO�� IDPLOLDU�� ItVLFD�H�SVtTXLFD��4XDQWR�DR�GDQR�PDWHULDO�� p�SRVVtYHO�DXIHULU�R�SUHMXt]R�PDWHULDO�VRIULGR�SHOD�YtWLPD�H�JDUDQWLU�R�UHVVDUFLPHQWR��DSXUDQGR�VH�R� HIHWLYDPHQWH� SHUGHX� �FKDPDGR� GDQR� HPHUJHQWH�� H� R TXH� GHL[RX� GH� JDQKDU��FKDPDGR�OXFUR�FHVVDQWH��

��� 6$1726��������S�������� ,G��,ELG���S�����

Page 102: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

��� '$12�025$/�75$%$/+,67$��$66e',2�025$/

2�KRPHP�YLYH�HP�VRFLHGDGH�VXMHLWR�D�FRQIOLWRV�GH�LQWHUHVVH��H�SDUD�VROXFLRQDU� DV� GLYHUJrQFLDV� LQHYLWiYHLV� HQWUH� RV� KRPHQV�� VXUJH� R� 'LUHLWR� YLVDQGR�JDUDQWLU�D�SD]�H�D KDUPRQLD�VRFLDO�

$VVLP��RV� LOtFLWRV�SUDWLFDGRV�QR�DPELHQWH�GH� WUDEDOKR��TXH� UHVXOWDP�HP�PDO�HVWDU��GHVJRVWRV��DIOLo}HV��FKHJDQGR�DWp�D�LQWHUURPSHU�R�HTXLOtEULR�SVtTXLFR��WDPEpP�VmR�SDVVtYHLV�GH�UHSDUDomR��H�FRQVWLWXHP�FDXVD�VXILFLHQWH�SDUD�D�REULJDomR�GH�UHSDUDU�R�GDQR�PRUDO�

(QRTXH�5LEHLUR�GRV�6DQWRV��� FRPHQWD�TXH�³R�GDQR�PRUDO�WUDEDOKLVWD�SRGH� RFRUUHU� SRU� XP� DWR� OHVLYR� SUDWLFDGR� SRU� XP� GRV� LQWHUDJHQWHV� QD� UHODomR� GH�HPSUHJR��FRPR�WDPEpP�SRU�IRUoD�GH�XPD�DOWHUDomR�GR�FRQWUDWR�GH�WUDEDOKR´�

$ONLPLQ��� DILUPD�TXH�

$� H[SUHVVmR� µGDQR¶� QmR� VH� OLPLWD� j� GLPLQXLomR�� SHUGD� RX� SUHMXt]R�PDWHULDO� RX� SDWULPRQLDO�� SRLV�� QR� FDVR� GR� DVVpGLR� PRUDO�� R� GDQR�VRIULGR�SHOD�YtWLPD�p�PDLV�DPSOR��JHUD�SUHMXt]RV�j�SURILVVLRQDOL]DomR�GR� WUDEDOKDGRU� �SHUGD� GH� FKDQFHV� H� SURJUHVVR� QD� FDUUHLUD� H�FRQVHT�HQWH� HOHYDomR� VDODULDO��� j� VXD� VD~GH� ItVLFD� H� SVtTXLFD�� j�SHUVRQDOLGDGH� EHP� FRPR� j� GLJQLGDGH�PRUDO�� DWLQJLQGR� HP�SULPHLUR�SODQR�R�µSDWULP{QLR�PRUDO¶ GR�WUDEDOKDGRU��VHP�DIDVWDU�D�UHSHUFXVVmR�QD�HVIHUD�SDWULPRQLDO�GD�YtWLPD�

2SRUWXQR� D� SRVLomR� GH� 9DVTXHV� 9LDODUG�� FLWDGR� SRU� (QRTXH�5LEHLUR����

6H�HP�DOJXP�kPELWR�GR�GLUHLWR� R� FRQFHLWR� GH�'DQR�0RUDO� SRGH� WHU�DOJXPD�DSOLFDomR�p�SUHFLVDPHQWH�QR�'LUHLWR�GR�7UDEDOKR��$�UD]mR�GD�VXERUGLQDomR�D�TXH�HVWi�VXMHLWR�R� WUDEDOKDGRU�QD�VDWLVIDomR�GH�VHX�GpELWR�OHYD�D�TXH�D�DWXDomR�GD�RXWUD�SDUWH��TXH�GLULJH�HVVD�DWLYLGDGH�KXPDQD��SRVVD�PHQRVFDEDU�D�IDFXOGDGH�GH�DWXDU�TXH�GLPLQXL�RX�DWp�IUXVWUD�WRWDOPHQWH�D�VDWLVIDomR�GH�XP�LQWHUHVVH�QmR�SDWULPRQLDO�

��� 6$1726��������S������� $/.,0,1��������S�������� 6$1726��RS��FLW���S�����

Page 103: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

*DUGrQLD� %RUJHV� 0RUDHV��� FRPHQWD� TXH� ³PXLWR� HPERUD� D�RFRUUrQFLD�GR�GDQR�PRUDOQDV�UHODo}HV�GH�WUDEDOKR�VH�Gr�SULQFLSDOPHQWH�FRP�UHODomR�DR� HPSUHJDGR�� GDt� QmR� VH� SRGH� FRQFOXLU� TXH� QmR� RFRUUD� HP� UHODomR� DR�HPSUHJDGRU´��

1R� PHVPR� VHQWLGR� VH� PDQLIHVWD� (QRTXH� 5LEHLUR� GRV� 6DQWRV�����TXDQGR�GL]�� ³DVVLP� FRPR�R�HPSUHJDGRU�� R�HPSUHJDGR� WDPEpP�SRGH�SUDWLFDU� DWRV�LOtFLWRV� TXH� YHQKDP�D� IHULU� D� HVIHUD� GH�PRUDOLGDGH� GR� HPSUHJDGRU�� VXD� ERD� IDPD��UHSXWDomR�� WUDGLomR� H� QRPH� GH� PHUFDGR�� HWF��� VXVFLWDQGR� D� GHYLGD� UHSDUDomR� QR�kPELWR�GR�'LUHLWR�GR�7UDEDOKR´�

$VVLP�� DPEDV� DV� SDUWHV� FRQWUDWDQWHV� GD� UHODomR�GH� HPSUHJR��HPSUHJDGR�H�HPSUHJDGRU��DTXL�FRPSUHHQGLGR� WDPEpP�FRPR�SUHSRVWRV���PHUHFHP�D� WXWHOD� GH� GLUHLWRV�� FRQIHULQGR� D� DPERV� D� SRVVLELOLGDGH� GH� UHSDUDomR� GR� GDQR�GHFRUUHQWH�GH�XPD�YLRODomR��TXH�VHMD�HOD�PRUDO�RX�PDWHULDO��2EVHUYD�VH��SRUpP��TXH�R�GDQR�RULXQGR�GR�DWR� OHVLYR�RFRUUH�FRP�PDLRU�IUHT�rQFLD�HP�UHODomR�j�SHVVRD�GR�WUDEDOKDGRU�

$UQDOGR�/RSHV�6�VVHNLQG��� VH�PDQLIHVWD�QR�PHVPR�VHQWLGR�

2� FRWLGLDQR� GD� H[HFXomR� GR� FRQWUDWR� GH� WUDEDOKR�� FRP� R�UHODFLRQDPHQWR�SHVVRDO�HQWUH�HPSUHJDGR�H�HPSUHJDGRU��RX�DTXHOHV�D�TXHP�HVWH�GHOHJRX�R�SRGHU�GH�FRPDQGR��SRVVLELOLWD��VHP�G~YLGD��R�GHVUHVSHLWR�GRV�GLUHLWRV�GD�SHUVRQDOLGDGH�SRU�SDUWH�GRV�FRQWUDWDQWHV��'H�DPEDV�DV�SDUWHV��FRQYpP�HQIDWL]DU��HPERUD�R�PDLV�FRPXP�VHMD�D�YLRODomR�GD� LQWLPLGDGH��GD�YLGD�SULYDGD��GD�KRQUD�RX�GD� LPDJHP�GR�WUDEDOKDGRU��

,UDQ\� )HUUDUL��� FRQFOXL�� ³QR� UHGXWR� GDV� UHODo}HV� GDV� WUDEDOKLVWDV�PXOWLSOLFDP�VH� DV� FDXVDV� UHODFLRQDGDV� FRP� R� GDQR� PRUDO�� LPSRQGR� DRV�HPSUHJDGRUHV�D�DGRomR�GH�PHGLGDV�TXH�HYLWHP�D�VXD�RFRUUrQFLD�QR�DPELHQWH�GR�WUDEDOKR� TXH� GHYH� VHU� R� PDLV� VDGLR� SRVVtYHO� H� QHOH� LPSHUDQGR� R� UHVSHLWR� P~WXR�HQWUH�DV�SDUWHV�HQYROYLGDV´�

��� 025$(6��*DUGrQLD�%RUJHV��'DQR�PRUDO�QDV�UHODo}HV�GH�WUDEDOKR��6mR�3DXOR��/WU��������S������� 6$1726��������S�������� 6h66(.,1'��$UQDOGR�/RSHV��'DQR�PRUDO�QD�UHODomR�GH�HPSUHJR��6mR�3DXOR��5HYLVWD�GR�'LUHLWR�

7UDEDOKLVWD��Q����S�������������� )(55$5,��������S�����

Page 104: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

����� &DUDFWHUL]DomR�H�3URYD�GR�'DQR�0RUDO�7UDEDOKLVWD

&XPSUH�REVHUYDU�TXH�QmR�p�TXDOTXHU�DOHJDomR�GH�GRU�GD�YtWLPD�RX�RIHQVD�VRIULGD��RX�RFRUUrQFLD�GH�HIHWLYR�SUHMXt]R�H[WUDSDWULPRQLDO��TXH�FDUDFWHUL]D�D�H[LVWrQFLD� GR� GDQR� PRUDO�� 6y� KDYHUi� UHVSRQVDELOLGDGH� GR� HPSUHJDGRU� VH� KRXYHU�GDQR�D�VHU�UHSDUDGR��RX�VHMD��p�QHFHVViULD�D�SUHVHQoD�GH�HOHPHQWRV�IXQGDPHQWDLV�SDUD� D� FRQILJXUDomR� GD� UHVSRQVDELOLGDGH� FLYLO� SHOR� RIHQVRU�� WDLV� FRPR�� R� GDQR�HIHWLYDPHQWH� VRIULGR�� D� FXOSD� GR� HPSUHJDGRU� H� R� QH[R� GH� FDXVDOLGDGH� H[LVWHQWH�HQWUH�R�HIHLWR�GDQRVR�H�R�DWR��TXHU�VHMD�FXOSRVR�RX�GRORVR�

6HJXQGR� D� PDLRULD� GRV� GRXWULQDGRUHV�� R� GDQR� PRUDO� VRIULGR� SHOR�HPSUHJDGR� SRGH� RFRUUHU� QDV� IDVHV� SUp�FRQWUDWXDO�� FRQWUDWXDO�� GH� H[WLQomR� GR�FRQWUDWR�H�SyV�FRQWUDWXDO�

3RUpP��QmR�p�FRQVHQVR�HQWUH�RV�GRXWULQDGRUHV�j�H[LVWrQFLD�GH�GDQR�PRUDO� QD� IDVH� SUp�FRQWUDWXDO�� RX� VHMD�� DTXHOD� TXH� DQWHFHGH� D� HIHWLYD� FRQWUDWDomR��SRLV� QDTXHOH� SHUtRGR� GH� WHPSR�� DV� SDUWHV� FRQWUDWDQWHV� QHJRFLDP� OLYUHPHQWH� DV�FOiXVXODV�H�FRQGLo}HV�GR�FRQWUDWR�GH�WUDEDOKR�TXH�SUHWHQGHP�IRUPDOL]DU��DLQGD�QmR�VH�FRQILJXURX�D�H[LVWrQFLD�GD�ILJXUD�GR�HPSUHJDGR�H�HPSUHJDGRU�

3DUD� RXWURV� GRXWULQDGRUHV�� HVWH� p� R� PRPHQWR� LQLFLDO� GDV�FRQYHUVDo}HV� HQWUH� R� HPSUHJDGRU� H� R� HPSUHJDGR�� TXH� DQWHFHGH� j� DVVLQDWXUD� GR�FRQWUDWR��DVVLP��D�DXVrQFLD�GH�FRQVXPDomR�GR�FRQWUDWR�GH�WUDEDOKR�QmR�SRGH�VHUYLU�GH� H[FOXGHQWH� j� UHSDUDomR� GR� GDQR� PRUDO� WUDEDOKLVWD�� TXH� SRU� YHQWXUD� YHQKD� D�RFRUUHU��FRPR�SRU�H[HPSOR��R�IDWR�GD�SURPHVVD�GH�HPSUHJR��TXH�QmR�IRL�HIHWLYDGD��FDXVDQGR�SUHMXt]R�j�EHP�H[WUDSDWULPRQLDO�GR�FDQGLGDWR�DR�WUDEDOKR�

1D�IDVH�FRQWUDWXDO��RX�VHMD��QD�IDVH�GH�H[HFXomR�GR�FRQWUDWR��VH�Gi�R�GDQR�PRUDO�TXDQGR�R�HPSUHJDGRU�GHL[D�GH�FXPSULU�FHUWDV�REULJDo}HV�RULXQGDV�GR�FRQWUDWR�GH�WUDEDOKR�ILUPDGR�HQWUH�DV�SDUWHV�

3RU� RXWUR� ODGR�� WDPEpP� p� SRVVtYHO� VH� FRQILJXUDU� R� GDQR� PRUDO�SUDWLFDGR�SHOR�HPSUHJDGR�FRQWUD�D�SHVVRD�GR�HPSUHJDGRU�RX�FRQWUD�D�HPSUHVD��p�R�FDVR� GR� HPSUHJDGR� TXH� GLYXOJD� LQIRUPDo}HV� GD� HPSUHVD� TXH� FRPSURPHWH� D� VXD�LPDJHP��FRPR�SRU�H[HPSOR��GL]HU�TXH�D�HPSUHVD�QmR�SDJD�VDOiULRV�HP�GLD��RX�TXH�QmR� FXPSUH� FRQWUDWRV� FRP�RV� VHXV� IRUQHFHGRUHV�� TXH� R� HPSUHJDGRU� p� XP� WLUDQR��GHVSUHSDUDGR��SHUVHJXLGRU��HWF�

Page 105: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

(QRTXH�5LEHLUR�GRV�6DQWRV��� FLWD�R�FRPHQWiULR�GH�3LQKR�3HGUHLUD��³R�HPSUHJDGR� WDPEpP�SRGH�VHU�DXWRU�GH�GDQR�PRUDO�DR�HPSUHJDGRU�VH�GHL[DU�GH�FXPSULU� VXD� REULJDomR� DFHVVyULD�� GHULYDGD� GD� UHODomR� HPSUHJDWtFLD�� GH� WUDWi�OR��LJXDOPHQWH�� H� DRV� VHXV� UHSUHVHQWDQWHV�� FRP� UHVSHLWR� j� VXD� SHUVRQDOLGDGH� H�GLJQLGDGH´�

,PSRUWDQWH UHJLVWUDU�R�FRPHQWiULR�GH�,UDQ\�)HUUDUL����

$SHVDU�GD�SRVVLELOLGDGH�GH� UHSDUDomR�GR�GDQR�PRUDO� FDXVDGR�SHOR�HPSUHJDGR� DR� HPSUHJDGRU� HP� IXQomR� GR� FRQWUDWR� GH� WUDEDOKR�� R�FHUWR� p�TXH�QD�SUiWLFD��R� VHJXQGR�SUHIHUH� SURPRYHU� D� GLVSHQVD�GR�WUDEDOKDGRU�TXH�OKH�FDXVRX�R�GDQR��SRU�MXVWD�FDXVD�RX�PHVPR�VHP�MXVWD�FDXVD��)DODPRV�LVVR��SRUTXH�QD�SHVTXLVD�TXH�IL]HPRV�MXQWR�DRV�7ULEXQDLV� 7UDEDOKLVWDV� QmR� ORFDOL]DQGR� QHQKXPD� GHFLVmR� TXH� GLJD�UHVSHLWR� D� GDQR� PRUDO� SUDWLFDGR� SHOR� HPSUHJDGR� FRP� SHGLGR� GH�LQGHQL]DomR� SRU� GDQR� PRUDO�� (QFRQWUDPRV� VLP�� XPD� GHFLVmR� QD�HVIHUD�GD�MXVWLoD�&RPXP��PDV�UHODFLRQDGD�FRP�R�GDQR�PDWHULDO�

1D�IDVH�GH�H[WLQomR�GR�FRQWUDWR�GH�WUDEDOKR��WDPEpP�SRGH�RFRUUHU�R�GDQR�PRUDO��RX�VHMD��LQGHSHQGHQWHPHQWH�GH�SDJDPHQWR�GDV�YHUEDV�WUDEDOKLVWDV�H�D�LQGHQL]DomR�GHYLGD�DR�HPSUHJDGR�QR�FDVR�GH�GLVSHQVD�VHP�MXVWD�FDXVD��PXOWD�GR�)*76�H�GHPDLV�YHUEDV�GHYLGDV���R�GDQR�SRGH�RFRUUHU�SRU�DJUHVVmR�ItVLFD�RX�PRUDO�DR�HPSUHJDGR�

(QRTXH��� FRPHQWD�TXH�

,Q~PHUDV� YH]HV� RFRUUHP� j� SHUSHWUDomR� GR� DWR� LOtFLWR� FRQWUD� R�WUDEDOKDGRU�� RX� YLFH�YHUVD�� QR� H[DWR� PRPHQWR� GD� GLVSHQVD� GR�HPSUHJDGR�� 2UD�� p� MXVWDPHQWH� QHVWH� PRPHQWR� TXH� JHUDOPHQWH� RV�kQLPRV� HVWmR� PDLV� H[DOWDGRV�� VHMD� SRU� SDUWH� GR� REUHLUR�� RX� GR�HPSUHJDGRU��GHVHQFDGHDQGR�R�FRPHWLPHQWR�GR�DWR�LOtFLWR��DWUDYpV�GH�IUDVHV�� JHVWRV�� SDODYUDV� RX� Do}HV�� GH� IRUPD� GLUHWD� RX� SHUDQWH�WHUFHLURV��

$OLFH�0RQWHLUR�GH�%DUURV��� FRPHQWD�TXH� ³R�GDQR�PRUDO�JHUDOPHQWH�RFRUUH�QD�IDVH�SUp�FRQWUDWXDO�H�FRQWUDWXDO��SRGHQGR��QHVWH�~OWLPR�FDVR��SURYRFDU�RX���� 6$1726��������S�������� )(55$5,��������S�������� 6$1726��RS��FLW���S�������� %$5526��������S�����

Page 106: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

QmR� D� UHVROXomR� GR� SDFWR�� 2� GDQR� PRUDO� SRGHUi� RFRUUHU� WDPEpP� QD� IDVH� SyV�FRQWUDWXDO´�

$ONLPLQ��� FRPHQWD�TXH�

1D� IDVH� SyV�FRQWUDWXDO� TXDQGR� R� H[�HPSUHJDGRU� RX� VXSHULRU�KLHUiUTXLFR� HPSUHHQGHU� DWR� SHUVHFXWyULR� GHQHJULQGR� D� LPDJHP� H�UHSXWDomR� GR� WUDEDOKDGRU�� GLILFXOWDQGR� R� DFHVVR� D� RXWUR� HPSUHJR��HQILP��TXDOTXHU�IRUPD�GH�FRQGXWD�DVVHGLDQWH�OHVDUi�R�HPSUHJDGR�QD�VXD� SHUVRQDOLGDGH�� GLJQLGDGH� H� LQWHJULGDGH� PRUDO�� YDORUHV� HVVHV�FRQVDJUDGRV�HP�QtYHO�FRQVWLWXFLRQDO�

3RGHPRV� FLWDU� YiULRV�H[HPSORV�GH� VLWXDo}HV�TXH�SRGHP�HQVHMDU�R�GDQR�PRUDO��PDV�p� LPSRVVtYHO�D�WDUHID�GH�HOHQFDU�WRGDV�DV�VLWXDo}HV�HP�TXH�SRGH�VHU�FRQVLGHUDGR�GDQR�PRUDO�QRV� WHPSRV�GH�KRMH��6HJXHP�VH�DOJXQV�H[HPSORV��QD�IDVH�GH�VHOHomR��HQWUHYLVWD�H�WUHLQDPHQWR��FRP�FRDomR�SRU�DVVpGLR�VH[XDO��H[DPHV�ItVLFRV�GHJUDGDQWHV�RX�YH[DWyULRV��SXEOLFLGDGH�PDOLFLRVD�DR�FDQGLGDWR�KRPRVVH[XDO�RX�DLGpWLFR��DWRV�OHVLYRV�GD�KRQUD�H�D�ERD�IDPD��DVVpGLR�VH[XDO��SUiWLFD�GH�UHYLVWDV�tQWLPDV� RX� GHJUDGDQWHV�� ILVFDOL]DomR� GLUHWD� H� FRQVWDQWH�� FRQWUROHV� YLVXDLV�� IDOVDV�DFXVDo}HV�VREUH�RV�HPSUHJDGRV�� LQYRFDo}HV� OHYLDQDV�GH�DWRV�GH� LPSURELGDGH��GH�PDX� SURFHGLPHQWR�� HPEULDJXH]� KDELWXDO�� DV� FKDPDGDV� OLVWDV� QHJUDV�� HPSUHJDGRU�TXH� Gi� LQIRUPDo}HV� LQYHUtGLFDV� GH� VHX� H[�HPSUHJDGR� j� SHVVRD� TXH� SUHWHQGH�FRQWUDWi�OR�� DQRWDomR� GD� UD]mR� GD� GHVSHGLGD� HP� &736�� LPSRUWXQDomR� VH[XDO� H�DVVpGLR� SDUD ILQV� OLELGLQRVRV�� YLJLOkQFLD� DWLYD� DR� HPSUHJDGR� SDUD� DSXUDomR� GH�RSLQL}HV�VLQGLFDLV��H�GHVSHGLGDV�LQMXULRVDV�

$� TXHVWmR� GD� SURYD� QR� GLUHLWR� GR� WUDEDOKR� p� H[WUHPDPHQWH�LPSRUWDQWH��KDMD�YLVWD�TXH��D�LQGHQL]DomR�SURYHQLHQWH�GH�DVVpGLR�PRUDO�QmR�SRGH�VHU�DUELWUDGD� H[FOXVLYDPHQWH� SHODV� PHUDV� DOHJDo}HV� GD� SDUWH� DXWRUD�� WHQGR� HVWD� D�REULJDomR�GH�SURYDU�R� IDWR�DOHJDGR��QHVVH�VHQWLGR�R�DUWLJR�����GD�&/7�GLVS}H�� ³D�SURYD�GDV�DOHJDo}HV�LQFXPEH�j�SDUWH�TXH�DV�IL]HU´�

$R� MXL]� FDEHUi� R� H[DPH� GDV� SURYDV�� D� H[LVWrQFLD� RX�QmR� GH�HOHPHQWRV�VHJXURV�SDUD�MXVWLILFDU�D�RIHQVD�PRUDO�RX�DV�DJUHVV}HV�j�YtWLPD��,QFOXVLYH�SRGHQGR�R�-XL]��WRPDU�D�LQLFLDWLYD�GH�SURFXUDU�QRYRV�PHLRV�GH�SURYD��SDUD�ILUPDU�VHX�FRQYHQFLPHQWR��PHVPR�TXH�HVVDV�SURYDV�QmR�WHQKDP�VLGR�UHTXHULGDV�SHODV�SDUWHV����� $/.,0,1��������S�����

Page 107: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

2� DVVpGLR� PRUDO� p� XPD� DJUHVVmR� GLItFLO� GH� FRPSURYDU�� SRUTXH� R�DVVHGLDGRU��QD�PDLRULD�GRV�FDVRV��QHJD�R�IDWR�FRQFUHWR��FDEHQGR�D�YtWLPD�YDOHU�VH�GH� SURYDV� FRPR�� SRU� H[HPSOR�� WHVWHPXQKDV�� FDUWDV�� H�PDLOV�� ELOKHWHV�� HWF��� SDUD�FRPSURYDU�R�GDQR�VRIULGR�

%LWWDU��� DILUPD� TXH� D� GHPRQVWUDomR� GR� GDQR� PRUDO� WUDEDOKLVWD�REHGHFH��j�FRQFRUGkQFLD�GRV�VHJXLQWHV�HOHPHQWRV�

D��DomR�RX�RPLVVmR�GR�DJHQWH�± TXDOLILFiYHO�FRPR�DWR�LOtFLWR�E��VXEMHWLYLGDGH�GR�DJHQWH��VHMD�SRU�GROR��YRQWDGH�GH�SURGX]LU�R�DWR��RX� FXOSD� �QDV� ILJXUDV� WtSLFDV� GH� QHJOLJrQFLD�� LPSUXGrQFLD� RX�LPSHUtFLD��F��R�QH[R�HWLROyJLFR��RX�UHODomR�GH�FDXVD�H�HIHLWR��HG�� UHVSRQVDELOLGDGH� REMHWLYD�� FRP� IXOFUR� QD�7HRULD� GR�5LVFR��1HVWH�FDVR�� EDVWD� D� GHPRQVWUDomR� GD� UHODomR� HQWUH� FDXVD� H� HIHLWR��LQGHSHQGHQWHPHQWH�GD�DQiOLVH�GD�FRQVFLrQFLD�GR�DJHQWH��

$ONLPLQ��� FRPHQWD�TXH�³p�LPSUHVFLQGtYHO�D�SURYD�GD�GRU��VRIULPHQWR�H�SHUWXUEDomR� LQWHULRU�FDXVDGD�SHOD�FRQGXWD� LOtFLWD��SRLV�D�GRXWULQD�H� MXULVSUXGrQFLD�DGPLWHP� D� WHRULD� GR�GDQXP� LQ� UH� LSVD�� SDUD� D� TXDO� R� GDQR�PRUDO� VH� SURYD� SRU� VL�PHVPR�� RX� VHMD�� SURYDQGR� R� LOtFLWR�� GLVSHQVD�VH� j� SURYD� GR� SUHMXt]R� PRUDO� LQ�FRQFUHWR��SRLV�SRU�IHULU�RV�GLUHLWRV�GD�SHUVRQDOLGDGH�H�DIHWDU�R�PDLV�tQWLPR�VHQWLPHQWR�KXPDQR��p�GH�GLItFLO�FRQVWDWDomR´�

*DUGrQLD��� FRPHQWD�TXH�³HVVHQFLDO�p�TXH�VH�SURYH�TXH�R�DJHQWH�IH]�DOJR�TXH� OKH�QmR�HUD�SHUPLWLGR�RX�GHL[RX�GH� UHDOL]DU�R�TXH� MXULGLFDPHQWH� WLQKD�SRU�GHYHU��GR�TXH�UHVXOWD�DWLQJLGD�D�HVIHUD�DOKHLD��FDXVDQGR�GDQR´�

1R� FDVR�GR�DVVpGLR�PRUDO� p� FRPSOH[R�DSXUDU� D�H[WHQVmR�GR�GDQR�ItVLFR�H�SVtTXLFR�VRIULGR�SHOR�WUDEDOKDGRU��SRLV�D�DJUHVVmR�DWLQJH�R�tQWLPR�GD�SHVVRD��RX� VHMD�� D� VXD� GLJQLGDGH�� SRU� LVVR�� FDEH� DR� MXL]� SUHVXPLU� D� H[LVWrQFLD� GD� GRU�� D�GLPHQVmR�GR�VRIULPHQWR�GD�YtWLPD��H�R�JUDX�GD�KXPLOKDomR�VRIULGD��GHWHUPLQDQGR�DWp�HP�DOJXQV� FDVRV�� D� LQYHUVmR� GR� {QXV� GD�SURYD�� LPSRQGR� DR� DJUHVVRU� D� SURYD� GD�LQH[LVWrQFLD�GD�FRQGXWD�DVVHGLDQWH��

��� %,77$5��������S�������� $/.,0,1��������S�������� 025$(6��������S�����

Page 108: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

2�{QXV�GD�SURYD�p� LQVWLWXWR� MXUtGLFR�SUHVHQWH�QmR�Vy�QR�GLUHLWR�FLYLO��FRPR� WDPEpP�� DSOLFiYHO� QR� kPELWR� WUDEDOKLVWD�� SULQFLSDOPHQWH� QDV� TXHVW}HV�FRPSOH[DV�� FRPR�QR� FDVR�GR�DVVpGLR�PRUDO� HP�TXH�R� DVVHGLDGRU� QD�PDLRULD� GRV�FDVRV��QHJD�R�IDWR�

*DUGrQLD��� FRPHQWD� TXH� D� GRXWULQD� DSUHVHQWD� SRVLFLRQDPHQWRV�GLYHUVRV� ³H[LVWHP� DOJXQV� TXH� FRQVLGHUDP� TXH� R� GDQR� PRUDO� GHYH� VHU� SURYDGR� j�VHPHOKDQoD� GR� TXH� RFRUUH� FRP� R� GDQR� PDWHULDO�� TXH� SRGH VHU� SHUIHLWDPHQWH�GHPRQVWUDGR�SHORV�PHLRV�SUREDWyULRV´��

(� D� DXWRUD� VH�SRVLFLRQD� FRQIRUPH� D�PDLRULD� GRV� GRXWULQDGRUHV�� RX�VHMD�� GR� ODGR� RSRVWR�� RQGH� ³QmR� Ki� TXH� VH� SHQVDU� HP� SURYD� GR� GDQR� PRUDO��'HPRQVWUDGD�D�H[LVWrQFLD�GR�IDWR�OHVLYR��R�GDQR�GHFRUUH�FRPRSUHVXQomR�DEVROXWD´�

$VVLP�� YHULILFDQGR�VH� TXH� QmR� p� IiFLO� PHGLU� D� SUHVVmR� SVLFROyJLFD�VRIULGD� SHOR� WUDEDOKDGRU� DVVHGLDGR�� D� RIHQVD�� R� JUDX� GD� KXPLOKDomR�� VHQWLPHQWRV�TXH�IHUHP�D�VXD�LQWHJULGDGH�H�VXD�GLJQLGDGH��R�TXH�VH�EXVFD�p�D�SURYD�GR�DWR�OHVLYR��H�XPD�YH]�SURYDGR�D�H[LVWrQFLD�GR�DVVpGLR�PRUDO�HP�IDFH�GD�YtWLPD��SUHVXPHP�VH�SUHVHQWHV�WDPEpP�RV�GDQRV�PRUDLV�

����� 'D�5HVSRQVDELOLGDGH�SRU�$WR�,OtFLWR

2�DJHQWH�GD�UHODomR�HPSUHJDWtFLD�TXH�SUDWLFD�R�DVVpGLR�PRUDO��QmR�HVWi�VXMHLWR�DSHQDV�j�UHSDUDomR�SHOR�GDQR�PRUDO�FDXVDGR�D�YtWLPD��PDV�WDPEpP�R�'LUHLWR� &LYLO� %UDVLOHLUR� SXQH� R� DWR� LOtFLWR� SUDWLFDGR� SHOR� DJUHVVRU�DVVHGLDGRU�� QR�kPELWR� GD� UHVSRQVDELOLGDGH� FLYLO�� TXDQGR� HP� VHXV� DUWV������ ���� H� DUW������SUHVFUHYHP�D�FRQGXWD�LOtFLWD��DVVLP�GLVSRQGR��

$UW����� $TXHOH�TXH��SRU�DWR� LOtFLWR��DUWV������H�������FDXVDU�GDQR�DRXWUHP��ILFD�REULJDGR�D�UHSDUi�OR��3DUiJUDIR�~QLFR��KDYHUi�REULJDomR�GH� UHSDUDU� R� GDQR� LQGHSHQGHQWHPHQWH� GH� FXOSD�� QRV� FDVRV�HVSHFLILFDGRV� HP� OHL�� RX� TXDQGR� D� DWLYLGDGH� QRUPDOPHQWH�GHVHQYROYLGD SHOR� DXWRU� GR� GDQR� LPSOLFDU�� SRU� VXD� QDWXUH]D�� ULVFR�SDUD�RV�GLUHLWRV�GH�RXWUHP��

��� 025$(6��������S�����

Page 109: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

(�DLQGD��RV�DUWV������H������R�&yGLJR�&LYLO�%UDVLOHLUR�SUHVFUHYHP�

$UW����� $TXHOH�TXH��SRU�DomR�RX�RPLVVmR�YROXQWiULD��QHJOLJrQFLD�RX�LPSUXGrQFLD�� YLRODU� GLUHLWR� H� FDXVDU� GDQR� D� RXWUHP�� DLQGD� TXH�H[FOXVLYDPHQWH� PRUDO�� FRPHWH� DWR� LOtFLWR�� $UW����� 7DPEpP� FRPHWH�DWR� LOtFLWR� R� WLWXODU� GH� XP� GLUHLWR� TXH�� DR� H[HUFr�OR�� H[FHGH�PDQLIHVWDPHQWH� RV� OLPLWHV� LPSRVWRV� SHOR� VHX� ILP� HFRQ{PLFR� RX�VRFLDO��SHOD�ERD�Ip�RX�SHORV�ERQV�FRVWXPHV�

3RU�DWR�LOtFLWR��:DVKLQJWRQ�GH�%DUURV�0RQWHLUR��� HQWHQGH�³WDPEpP�p�DWR�GH�YRQWDGH��PDV�TXH�SURGX]�HIHLWRV�MXUtGLFRV�LQGHSHQGHQWHPHQWH�GD�YRQWDGH�GR�DJHQWH´�

9HQRVD��� GHILQH�DWRV LOtFLWRV FRPR�³VmR�RV�TXH�SURPDQDP�GLUHWD�RX�LQGLUHWDPHQWH� GD� YRQWDGH� H� RFDVLRQDP� HIHLWRV� MXUtGLFRV�� PDV� FRQWUiULRV� DR�RUGHQDPHQWR´�

$VVLP� R� HPSUHJDGRU� TXH� SUDWLFD� R� DVVpGLR� PRUDO�� FRPHWHUi� DWR�LOtFLWR�� H� FRQVHT�HQWHPHQWH�VHUi� UHVSRQVDELOL]DGR�SHORV�GDQRV�PDWHULDLV�H�PRUDLV��FXMD� UHVSRQVDELOLGDGH� VHUi� REMHWLYD�� RX� VHMD�� LQGHSHQGH�GD�H[LVWrQFLD� GH� FXOSD�GR�HPSUHJDGRU��TXDQGR�R�DWR�p�FRPHWLGR�SRU�SUHSRVWR�GR�PHVPR��FRQIRUPH�SUHVFUHYH�R� DUW������ ,,,�� GR� &yGLJR� &LYLO� %UDVLOHLUR�� TXH� HVWDEHOHFH� TXH� R� ³HPSUHJDGRU� RX�FRPLWHQWH� UHVSRQGH�SHORV� DWRV� GRV�HPSUHJDGR�� VHUYLoDLV� RX�SUHSRVWRV��SUDWLFDGRV�QR�H[HUFtFLR�GR�WUDEDOKR�TXH�OKHV�FRPSHWLU��RX�HP�UD]mR�GHOH´�

+DYHQGR� D� SURYD� GD� FXOSD� RX� GROR� GR� DJHQWH�� KDYHUi�UHVSRQVDELOLGDGH� FLYLO� GR� VXMHLWR� FDXVDGRU� GHVVH� GDQR�� PHUHFHP� GHVWDTXH� QD�UHODomR� HPSUHJDWtFLD� DV� UHVSRQVDELOLGDGHV�� D�� VXEMHWLYD� H� REMHWLYD�� E�� FRQWUDWXDO� H�H[WUDFRQWUDWXDO��F��SRU�DWR�GH�WHUFHLUR��H�G��IXQGDGD�QR�ULVFR�GD�DWLYLGDGH�

D��UHVSRQVDELOLGDGH�VXEMHWLYD�H�REMHWLYD

$� UHVSRQVDELOLGDGH� VXEMHWLYD� VH� Gi� TXDQGR� R� GDQR� GHFRUUH�GLUHWDPHQWH�GR�DXWRU�TXH�R�FDXVD��D�SURYD�GD�FXOSD�GR�DJHQWH�FDXVDGRU�GR�GDQR�p�

��� 0217(,52��:DVKLQJWRQ�GH�%DUURV��&XUVR�GH�GLUHLWR�FLYLO�����HG��6mR�3DXOR��6DUDLYD��������S�������� 9(126$��6tOYLR�GH�6DOYR��'LUHLWR�FLYLO� UHVSRQVDELOLGDGH�FLYLO����HG��6mR�3DXOR��$WODV��������S����

Page 110: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

SUHVVXSRVWR� QHFHVViULR� SDUD� HQVHMDU� R� GLUHLWR� j� LQGHQL]DomR�� $� UHVSRQVDELOLGDGH�REMHWLYD� LQGHSHQGH� GH� FXOSD�� VH� VDWLVID]� DSHQDV� SURYDQGR� R� GDQR� H� R� QH[R� GH�FDXVDOLGDGH�

3DXOR�(GXDUGR�9��2OLYHLUD��� GLIHUHQFLD�UHVSRQVDELOLGDGH�VXEMHWLYD�GH�REMHWLYD��FRPHQWDQGR�

2FRUUH� UHVSRQVDELOLGDGH� VXEMHWLYD� TXDQGR� R� GDQR� GHFRUUH�GLUHWDPHQWH�GR�DXWRU�TXH�R�FDXVD��$�UHVSRQVDELOLGDGH�VXEMHWLYD�Vy�VH�FRQFUHWL]D�VH�KRXYHU�GROR�RX�FXOSD�SRU�SDUWH�GR�FDXVDGRU�GR�GDQR��-i�D�UHVSRQVDELOLGDGH�REMHWLYD�LQGHSHQGH�GH�FXOSD��SRLV�DTXHOH�TXH��DWUDYpV� GH� VXD� DWLYLGDGH�� FULD� XP� ULVFR� GH� GDQRV� SDUD� WHUFHLURV�� p�REULJDGR�D�UHSDUi�OR�DLQGD�TXH�QmR�VH�DSXUH�DomR�FXOSRVD�

([LVWH� QR� GLUHLWR� EUDVLOHLUR� D� WHQGrQFLD� GH� VH� DGRWDU� D�UHVSRQVDELOLGDGH� REMHWLYD� FRPR� UHJUD� JHUDO QRV� FDVRV� GH� LQGHQL]DomR� SRU� GDQRV�FDXVDGRV� D� RXWUHP�� GHVGH� TXH� SUHVHQWHV� RV� UHTXLVLWRV� SDUD� D� UHVSRQVDELOL]DomR�REMHWLYD� FRQIRUPH� SUHVFUHYH� D� ~OWLPD� SDUWH� GR� DUW����� GR� &yGLJR� &LYLO� %UDVLOHLUR�D�� TXH� R� HPSUHJDGRU� GHVHQYROYD� DWLYLGDGH� TXH� FULH� ULVFR� SDUDUHDOL]DomR� GH� VHX�QHJyFLR�� E�� TXH� D� DWLYLGDGH� FULDGRUD� GH� ULVFR� VHMD� GHVHQYROYLGD� FRP� IUHT�rQFLD�F��TXH�R�GHVHQYROYLPHQWR�GD�DWLYLGDGH�FULH�ULVFR�DRV�GLUHLWRV�GH�RXWUHP�

E��UHVSRQVDELOLGDGH�FRQWUDWXDO�H�H[WUDFRQWUDWXDO

4XDQGR� D� UHVSRQVDELOLGDGH� GHULYD�GH� XP� FRQWUDWR� GL]�VH� TXH� p�UHVSRQVDELOLGDGH� FRQWUDWXDO�� RX� VHMD�� TXDQGR� XPD� GDV� SDUWHV� FRQWUDWDQWHV��GHVFXPSULQGR� XPD� REULJDomR� FRQWUDWXDO�� FDXVD� SUHMXt]R� D� RXWUHP�� &LWD�VH� FRPR�H[HPSOR� WRGDV� DV� HVSpFLHV� GH� FRQWUDWRV� QmR� FXPSULGRV�� $� UHVSRQVDELOLGDGH�H[WUDFRQWUDWXDO�WDPEpP�GHQRPLQDGD�FRPR�DTXLOLDQD��UHVXOWD�GD�SUiWLFD�GH�DWR�LOtFLWR��SRUpP�LQH[LVWH�TXDOTXHU�YtQFXOR�HQWUH�DV�SDUWHV��$SOLFD�VH�R�GLVSRVWR�QR�DUW�����GR�&yGLJR�&LYLO�%UDVLOHLUR�

��� 2/,9(,5$��������S����

Page 111: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

3DUD�0DULD�+HOHQD�'LQL]��� HVFODUHFH�

$� UHVSRQVDELOLGDGH� FRQWUDWXDO� UHVXOWD�� SRUWDQWR�� GH� LOtFLWR� FRQWUDWXDO��RX� VHMD�� GH� IDOWD� GH� DGLPSOHPHQWR� RX� GD�PRUD� QR� FXPSULPHQWR� GH�TXDOTXHU� REULJDomR�� e� XPD� LQIUDomR� D� XP� GHYHU� HVSHFLDO�HVWDEHOHFLGR� SHOD� YRQWDGH� GRV� FRQWUDWDQWHV�� SRU� LVVR� GHFRUUH� GD�UHODomR� REULJDFLRQDO� SUHH[LVWHQWH� H� SUHVVXS}H� FDSDFLGDGH� SDUD�FRQWUDWDU�

&DUORV�5REHUWR�*RQoDOYHV��� FRPHQWD�

1D� UHVSRQVDELOLGDGH� H[WUDFRQWUDWXDO�� R� DJHQWH� LQIULQJH� XP� GHYHU�OHJDO�� H�� QD� FRQWUDWXDO�� GHVFXPSUH� R� DYHQoDGR�� WRUQDQGR�VH�LQDGLPSOHQWH�� 1HVWD�� H[LVWH� XPD� FRQYHQomR� SUpYLD� HQWUH� DV� SDUWHV��TXH� QmR� p� FXPSULGD�� 1D� UHVSRQVDELOLGDGH� H[WUDFRQWUDWXDO�� QHQKXP�YtQFXOR� MXUtGLFR�H[LVWH�HQWUH�D�YtWLPD�H�R�FDXVDGRU�GR�GDQR��TXDQGR�HVWH�SUDWLFD�R�DWR�LOtFLWR�

$� UHVSRQVDELOLGDGH� FRQWUDWXDO� HVWi� GLVSRVWD� QR� &yGLJR� &LYLO�%UDVLOHLUR��QRV�DUWLJRV�����H�VHJXLQWHV�H������H�D� UHVSRQVDELOLGDGH�H[WUDFRQWUDWXDO�HVWi�GLVSRVWD�QRV�DUWLJRV�����D�����H�����H�VHJXLQWHV�GR�PHVPR�GLSORPD�OHJDO�

F��UHVSRQVDELOLGDGH�SRU�DWR�GH�WHUFHLUR�

2� &yGLJR� &LYLO� %UDVLOHLUR� QR� VHX� DUW������ DILUPD� TXH� RV�HPSUHJDGRUHV�� DLQGD� TXH� QmR� KDMD� FXOSD� GH� VXD� SDUWH�� UHVSRQGHUmR� SRU� DWRV�SUDWLFDGRV�SHORV�VHXV�HPSUHJDGRV�

1R�PHVPR�VHQWLGR�D�6~PXOD�����GR�6XSUHPR�7ULEXQDO�)HGHUDO��TXH�WHP� D� VHJXLQWH� UHGDomR�� ³p� SUHVXPLGD� D� FXOSD� GR� SDWUmR� RX� FRPLWHQWH� SHOR� DWR�FXOSRVR�GR�HPSUHJDGR�RX�SUHSRVWR´�

��� ',1,=��������S�������� *21d$/9(6��&DUORV�5REHUWR��5HVSRQVDELOLGDGH�FLYLO� ��HG��6mR�3DXOR��6DUDLYD��������S����

Page 112: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

$ONLPLQ��� FRPHQWD�TXH�

$LQGD� TXH� QmR� KRXYHVVH� H[SUHVVD� SUHYLVmR� QR� GLUHLWR� SRVLWLYR�PDWHULDO�FLYLO�VREUH�LQH[LJrQFLD�GH�FXOSD�SRU�SDUWH�GR�HPSUHJDGRU��H�H[SUHVVD� SUHYLVmR� GD� UHVSRQVDELOLGDGH� REMHWLYD� VROLGiULD� GR�HPSUHJDGRU� SRU� DWR� LOtFLWR� FRPHWLGR� SRU� VHXV� VXERUGLQDGRV�� QmR�SRGHUtDPRV� GHL[DU� GH� UHVSRQVDELOL]DU� R� HPSUHJDGRU� FRP� EDVH� QD�FXOSD�LQ�HOLJHQGR �QHJOLJrQFLD�QD�HVFROKD�RX�HOHLomR�GR�VXERUGLQDGR��H� LQ� YLJLODQGR �QHJOLJrQFLD� QD� ILVFDOL]DomR� H� QR�PRGXV� SURFHGHQGLGRV�VXERUGLQDGRV�

0DULD�+HOHQD�'LQL]�FRPHQWD�TXH�RV�DUWV������H�����GR�&yGLJR�&LYLO��HVWDEHOHFHP�D�LGpLD�GH�UHVSRQVDELOLGDGH�FLYLO�REMHWLYD�SRU�IDWR�GH�RXWUHP��QR�FDVR��D�UHVSRQVDELOLGDGH� GR� HPSUHJDGRU� RX� FRPLWHQWH�� SRU� VHXV� HPSUHJDGRV�� VHUYLoDLV� H�SUHSRVWRV� QR� H[HUFtFLR� GR� WUDEDOKR� TXH� OKHV� FRPSHWLU� RX� SRU� RFDVLmR� GHOH��DUW�����,,,���(�D�DXWRUD��� SUHFHLWXD�TXH�³QD�UHVSRQVDELOLGDGH�SRU�IDWR�DOKHLR�DOJXpP�UHVSRQGHUi�� LQGLUHWDPHQWH�� SRU� SUHMXt]R� UHVXOWDQWH� GD� SUiWLFD� GH� XP� DWR� LOtFLWR� SRU�RXWUD�SHVVRD��HP�UD]mR�GH�VH�HQFRQWUDU� OLJDGR�DHOD��SRU�GLVSRVLomR�OHJDO��+i�GRLV�DJHQWHV��SRUWDQWR��R�FDXVDGRU�GR�GDQR�H�R�UHVSRQViYHO�SHOD�LQGHQL]DomR´��

(�D�DXWRUD��� FLWD�H[HPSORV��

2� HPSUHJDGRU� RX� FRPLWHQWH� VRPHQWH� VHUi� REMHWLYDPHQWH�UHVSRQViYHO�VH��D��KRXYHU�XP�SUHMXt]R�FDXVDGR�D�WHUFHLUR��SRU�IDWR�GR�SUHSRVWR�� 3�� H[��� R� FRQGRPtQLR� VHUi� UHVSRQViYHO� SHORV� GDQRV�FDXVDGRV�DRV�FDUURV�SRU�SUHSRVWRV�TXH�HVWLYHUHP�HQFDUUHJDGRV�GH�JXDUGi�ORV� QD� JDUDJHP�GR� HGLItFLR� �5HYLVWD� GRV� 7ULEXQDLV�� ������� �E�� R� SUHSRVWR� FRPHWHX� R� IDWR� OHVLYR� QR� H[HUFtFLR� GH� VXDV� IXQo}HV��57�� ��������� ��������� RX�GDV�DWLYLGDGHV�TXH� OKH� LQFXEHP�� LVVR� p��GXUDQWH� R� WUDEDOKR�� RX� HP� UD]mR� GHOH�� 3�� H[��� IXUWR� GH� REMHWRV� GR�FOLHQWH�� FRPHWLGR� SHOR� HPSUHJDGR�� HQTXDQWR� DWHQGLD� D� YtWLPD��LQFrQGLR�RFDVLRQDGR�SRU�SUHSRVWR�DR�FRQVHUWDU�FDQDOL]DomR GH�iJXD��DFLGHQWH�GH�WUkQVLWR�SURYRFDGR�SRU�XP�FKRIHU��HVWXSUR�FRPHWLGR�SRU�HPSUHJDGR� HQFDUUHJDGR� GH� OHYDU� PHQLQD� DR� FROpJLR�� FRQWUDEDQGR�IHLWR� QR� DXWRPyYHO� GH� SDWUmR�� GXUDQWH� R� VHUYLoR� SHOR� PRWRULVWD��1XPHURVRV� VmR� RV� FDVRV� GH� DEXVR� GH� IXQomR�� F�� KRXYHU� FXOSD� GR�SUHSRVWR�RX�GR�HPSUHJDGR��6H�R�HYHQWR� OHVLYR�QmR�VH�GHX�SRU�DWR�FXOSRVR�GR�HPSUHJDGR��PDV�HP�UD]mR�GH�IRUoD�PDLRU��FDVR�IRUWXLWR��FXOSD� GD� YtWLPD� RX� GH� WHUFHLUR�� QmR� VH� WHUi� UHVSRQVDELOLGDGH� GR�HPSUHJDGRU��G��H[LVWLU�UHODomR�GH�HPSUHJR�RX�GH�GHSHQGrQFLD�HQWUH�

��� $/.,0,1��������S������������ ',1,=��������S�������� ,G��,ELG���S�����

Page 113: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

R�FDXVDGRU�GR�DWR�GDQRVR�H�R�SDWUmR��DPR�RX�FRPLWHQWH��1mR�VHUi�QHFHVViULR�� SDUD� H[LPL�OR� GD� UHVSRQVDELOLGDGH�� GHPRQVWUDU� TXH�HPSUHJDGRU�RX�FRPLWHQWH�QmR�FRQFRUUHUDP�SDUD�R�SUHMXt]R�SRU�FXOSD�RX� QHJOLJrQFLD� GH� VXD SDUWH� �&&�� DUW������� YLVWR� TXH� D� VXD�UHVSRQVDELOLGDGH�p�REMHWLYD�

0DULD�+HOHQD�'LQL]��� FRQFOXL�FRPHQWDQGR�TXH�

$�UHVSRQVDELOLGDGH�REMHWLYD�H�VROLGiULD�GR�HPSUHJDGRU�SHORV�HUURV�H�HQJDQRV�GH�VHXV�SUHSRVWRV��SDUD�HYLWDU�TXH�HOH�SRVVD�H[RQHUDU�VH�GHOD�� SURYDQGR� TXH� QmR� VH� KRXYH� FRP� FXOSD� SHOD� HVFROKD� GR�SUHSRVWR� �FXOSD� LQ� HOLJHQGR� RX� SHOD� IDOWD� GH� YLJLOkQFLD� �FXOSD� LQ�YLJLODQGR�� $VVLP��VH�KRXYHU�HUUR�RX�HQJDQR�GR�HPSUHJDGR��HOH�H�R�HPSUHJDGRU� VHUmR� VROLGDULDPHQWH� UHVSRQViYHLV�� WHQGR�VH�� HQWmR��XPD�UHVSRQVDELOLGDGH�REMHWLYD��IXQGDGD�QD�WHRULD�GR�ULVFR��

G��UHVSRQVDELOLGDGH�IXQGDGD�QR�ULVFR�GD�DWLYLGDGH

3DUD�6LOYLR�5RGULJXHV����� D� UHVSRQVDELOLGDGH�p� IXQGDGD�QR� ULVFR�GD�DWLYLGDGH�H�D�SUHVHQoD�GD�FXOSD�VH�PRVWUD�LUUHOHYDQWH�DR�FRPHQWDU�³QD�LGpLD�GH�TXH�D�SHVVRD�TXH�FULD�R�ULVFR�GHYH�UHSDUDURV�GDQRV�DGYLQGRV�GH�VHX�HPSUHHQGLPHQWR´�

&DLR� 0DULR� GD� 6LOYD� 3HUHLUD��� FRPHQWD� VREUH� D� 7HRULD� GR� 5LVFR�FRQVLGHUDQGR�D�GH� UHVSRQVDELOLGDGH�REMHWLYD��TXDQGR�FRPHQWD� ³������VH�DOJXpP�S}H�HP�IXQFLRQDPHQWR�XPD�TXDOTXHU�DWLYLGDGH��UHSRQGH�SHORV�HYHQWRV�GDQRVRV�TXH�HVWD�DWLYLGDGH� JHUD� SDUD� RV� LQGLYtGXRV�� LQGHSHQGHQWHPHQWH� GH� GHWHUPLQDU� VH� HP� FDGD�FDVR�� LVRODGDPHQWH�� R� GDQR� p� GHYLGR� j� LPSUXGrQFLD�� j� QHJOLJrQFLD�� D� XP� HUUR� GH�FRQGXWD��H�DVVLP�VH�FRQILJXUD�D�µWHRULD�GR�ULVFR�FULDGR¶´�

'LVSHQVD�VH� DTXL� D� SURYD� GD� FXOSD�� EDVWD� D� SURYD� GR� QH[R� FDXVDO�HQWUH�R�DWR�H�R�SUHMXt]R�

&DUORV� 5REHUWR� *RQoDOYHV��� DSRQWD� WUrV� UHTXLVLWRV� SDUD� D�FRQILJXUDomR�GD� UHVSRQVDELOLGDGH�GR�HPSUHJDGRU�� ³����D�TXDOLGDGH�GH�HPSUHJDGR��VHUYLoDO�RX�SUHSRVWR��GR�FDXVDGRU�GR�GDQR������FRQGXWD�FXOSRVD�GROR�RX�FXOSD�VWULFWR�

��� ',1,=��������S�������� 52'5,*8(6��6LOYLR� 'LUHLWR�FLYLO� 6mR�3DXOR��6DUDLYD��������S�������� 3(5(,5$��&DLR�0iULR�GD�6LOYD��5HVSRQVDELOLGDGH�FLYLO��5LR�GH�-DQHLUR��)RUHQVH��������S�������� *21d$/9(6��������S�����

Page 114: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

VHQVX��GR�SUHSRVWR������TXH�R�DWR�OHVLYR�WHQKD�VLGR�SUDWLFDGR�QR�H[HUFtFLR�GD�IXQomR�TXH�OKH�FRPHWLD��RX�HP�UD]mR�GHOD´�

6HJXQGR�:DVKLQJWRQ�GH�%DUURV�0RQWHLUR��� H�RXWURV�DXWRUHV��³SDUD�D�FDUDFWHUL]DomR�GHVVD� UHVSRQVDELOLGDGH�� SRXFR� LPSRUWD� TXH�R� DWR� OHVLYR� QmR�HVWHMD�GHQWUR�GDV�IXQo}HV�GR�SUHSRVWR��%DVWD�TXH�HVWDV�IXQo}HV�IDFLOLWHP�VXD�SUiWLFD´�

*RQoDOYHV��� FRQFOXL� TXH�� ³WHP� SUHGRPLQDGR�� QD� MXULVSUXGrQFLD��PHGLDQWH� D� DSOLFDomR� GD� WHRULD� GD� DSDUrQFLD�� D� RULHQWDomR� GH� TXH� p� VXILFLHQWH� D�DSDUrQFLD� GH� FRPSHWrQFLD� GR� SUHSRVWR� SDUD� DFDUUHWDU� D� UHVSRQVDELOLGDGH� GR�FRPLWHQWH´�

-RUJH� 1HWR� H� &DYDOFDQWH��� H[HPSOLILFDP� DV� UHVSRQVDELOLGDGHV�H[LVWHQWHV�QR�'LUHLWR�GR�7UDEDOKR�H�R�IXQGDPHQWR�OHJDO�

D�� D� UHVSRQVDELOLGDGH� GR� HPSUHJDGR� SHORV� GDQRV� FDXVDGRV� DR�HPSUHJDGRU�� VHMD�HP�FDVR�GH�GROR�RX�FXOSD� �DUW�����GD�&/7���E��D�UHVSRQVDELOLGDGH�GR�HPSUHJDGRU��HP�FDVRV�GH�DFLGHQWH�GH�WUDEDOKR��VHMD� HP� FDVR� GH� GROR� RX� FXOSD� �DUW����� ;;9,,,�� GD� &RQVWLWXLomR�)HGHUDO��� F��R�JUXSR�GH�HPSUHVDV�H�D VROLGDULHGDGH� �DUW����������GD�&/7���G��D�HPSUHVD�VXFHVVRUD�H�RV�GLUHLWRV�GRV�HPSUHJDGRV��DUWV�����H�����GD &/7���H��R�HPSUHLWHLUR�H�R�VXEHPSUHLWHLUR��DUW�����GD�&/7���I��DV�KLSyWHVHV�GRV�(QXQFLDGRV�QV������H�����GR�767��J��D�HPSUHVD�WRPDGRUD�H�D�WHPSRUiULD�± DUW����GD�/HL�Q�����������

(�DLQGD��R�&yGLJR�&LYLO�SUHYr�HP�VHX�DUW������R�GLUHLWR�GH�UHJUHVVR�FRQWUD� R� DJHQWH� FDXVDGRU� GR� SUHMXt]R�� YLVDQGR� UHVJXDUGDU� R� LQWHUHVVH� SDWULPRQLDO�GDTXHOH� TXH� QmR� IRL� R� DXWRU� PDWHULDO� GR� DWR� LOtFLWR�� $VVLP� GLVSRQGR�� ³DTXHOH� TXH�UHVVDUFLU� R�GDQR�FDXVDGR�SRU�RXWUHP�SRGH� UHDYHU�R�TXH�KRXYHU�SDJR�GDTXHOH�SRU�TXHP� SDJRX�� VDOYR� VH� R� FDXVDGRU� GR� GDQR� IRU� GHVFHQGHQWH� VHX�� DEVROXWD� RX�UHODWLYDPHQWH�LQFDSD]´�

,PSRUWDQWH�GHVWDFDU�R�DUW�����GD�&/7�H�VHXV�LQFLVRV��TXH�SUHYrHP�D�SRVVLELOLGDGH�GH�GHVFRQWRV�QR�VDOiULR�GR�HPSUHJDGR��FRQIRUPH�VHJXH��

��� 0217(,52��������S�������� *21d$/9(6��������S�������� -25*(�1(72��&$9$/&$17(��������S�����

Page 115: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

$UW����� $R� HPSUHJDGRU� p� YHWDGR� HIHWXDU� TXDOTXHU� GHVFRQWR� QRV�VDOiULRV� GR� HPSUHJDGR�� VDOYR� TXDQGR� HVWH� UHVXOWDU� GH�DGLDQWDPHQWRV��GH�GLVSRVLWLYRV�GH�/HL�RX�GH�FRQWUDWR�FROHWLYR��� �� (P� FDVR� GH� GDQR� FDXVDGR� SHOR� HPSUHJDGR�� R� GHVFRQWR� VHUi�OtFLWR�� GHVGH� TXH� HVWD� SRVVLELOLGDGH� WHQKD� VLGR� DFRUGDGD� RX� QD�RFRUUrQFLD�GH�GROR�GR�HPSUHJDGR��� �� e� YHGDGR� j� HPSUHVD� TXH� PDQWLYHU� DUPD]pP� SDUD� YHQGD� GH�PHUFDGRULDV�DRV�HPSUHJDGRV�RX�VHUYLoRV�GHVWLQDGRV�D�SURSRUFLRQDU�OKH�SUHVWDo}HV�LQ�QDWXUD�H[HUFHU�TXDOTXHU�FRDomR�RX�LQGX]LPHQWR�QR�VHQWLGR� GH� TXH� RV� HPSUHJDGRV� VH� XWLOL]HP� GR� DUPD]pP� RX� GRV�VHUYLoRV��� �� 6HPSUH� TXH� QmR� IRU� SRVVtYHO� R� DFHVVR� GRV� HPSUHJDGRV� D�DUPD]pQV� RX� VHUYLoRV� QmR� PDQWLGRV� SHOD� HPSUHVD�� p� OtFLWR� j�DXWRULGDGH�FRPSHWHQWH�GHWHUPLQDU�D�DGRomR�GH�PHGLGDV�DGHTXDGDV��YLVDQGR�TXH�DV�PHUFDGRULDV�VHMDP�YHQGLGDV�H�RV�VHUYLoRV�SUHVWDGRV�D�SUHoRV�UD]RiYHLV��VHP�LQWXLWR�GH�OXFUR�H�VHPSUH�HP�EHQHItFLR�GRV�HPSUHJDGRV��� �� 2EVHUYDQGR�R� GLVSRVWR� QHVWH�&DStWXOR�� p� YHWDGR�jV�HPSUHVDV�OLPLWDU�� SRU�TXDOTXHU� IRUPD�� D� OLEHUGDGH�� GRV�HPSUHJDGRV�GH�GLVSRU�GR�VHX�VDOiULR�

0DULD�+HOHQD�'LQL]��� FRQFOXL�DILUPDQGR�

2�HPSUHJDGRU�VRPHQWH�SRGHUi�HVFXVDU�VH�VH�SXGHU�FRPSURYDU�TXH�R�GDQR�FDXVDGR�SRU�HPSUHJDGR�VHX�VH�GHX�SRU�FXOSD�GD�YtWLPD�RX�TXH QmR� RFRUUHX� QR� H[HUFtFLR� GR� WUDEDOKR� RX� VRE� VHX� FRPDQGR�IXQFLRQDO�� (� R� HPSUHJDGRU�� RX� FRPLWHQWH�� SRGHUi� DJLU�UHJUHVVLYDPHQWH�FRQWUD�R�HPSUHJDGR��RX�SUHSRVWR��VH�HVWH�FDXVRX�R�GDQR� GRORVD� RX� FXOSRVDPHQWH� �&&�� DUW������ H� (QXQFLDGR� Q���� GR�&HQWUR�GH�(VWXGRV�-XGLFLiULRV�GR�&RQVHOKR�GD�-XVWLoD�)HGHUDO��

&RQFOXL�VH�TXH�R�'LUHLWR�UHVSRQVDELOL]D�R�HPSUHJDGRU�SRU�DWR�LOtFLWR�H�SHORV�SUHMXt]RV�FDXVDGRV�D� WHUFHLURV��SUDWLFDGRV�SHOR�HPSUHJDGR�SUHSRVWR�VHUYLoDO��PHVPR� TXH� R� HPSUHJDGRU� QmR� WHQKD� FRQFRUULGR� FRP� FXOSD�� 2EVHUYDQGR� WUrV�UHTXLVLWRV�� D�� FXOSD� GR� HPSUHJDGR� TXH� HVWD� VRE� R� SRGHU� GH� FRPDQGR� GR�HPSUHJDGRU�� E�� UHODomR� GH� HPSUHJR� H� FRQVHT�HQWHPHQWH� R� YtQFXOR� GH�VXERUGLQDomR��F��TXH�R�DWR�LOtFLWR��GRORVR�RX�FXOSRVR��VHMD�SUDWLFDGR�QR�H[HUFtFLR�GD�IXQomR�ODERUDO��RX�SRU�RFDVLmR�GHOD�

��� ',1,=��������S�����

Page 116: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

����� 'D�5HSDUDomR�GR�'DQR�H�)L[DomR�GD�,QGHQL]DomR

1D� LQGHQL]DomR� SURYHQLHQWH� GH� DVVpGLR� PRUDO�� D� YtWLPD� EXVFD� QR�GHVHPSHQKR� GH� VHX� WUDEDOKR� XPD� UHDOL]DomR� SHVVRDO� H� SURILVVLRQDO�� SRUWDQWR�� D�IL[DomR�GR�TXDQWXP� LQGHQL]DWyULR�VH�WRUQD�TXHVWmR�GLItFLO�� Mi�TXH�QD�OHJLVODomR�WDQWR�FLYLO� TXDQWR� WUDEDOKLVWD� QmR� H[LVWHP� UHJUDV�QRUPDV� IL[DQGR� SDUkPHWURV� SDUD� HVVD�LQGHQL]DomR��

2�TXH�VH�WHP�p�TXH��WDQWR�SDUD�DIHULomR�GR�GDQR�PRUDO�QR�'LUHLWR�GR�7UDEDOKR��FRPR�QR�'LUHLWR�&LYLO��DGRWRX�VH�D�WHRULD�GD�FXOSD�RX�WHRULD�VXEMHWLYD��FRPR�HOHPHQWR�FDUDFWHUL]DGRU�GD�UHVSRQVDELOLGDGH�FLYLO�

$VVLP�� D� OHJLVODomR� HOHJHX� R� DUELWUDPHQWR� MXGLFLDO� FRPR� IRUPD� GH�OLTXLGDomR�GD�FRPSHQVDomR�SRU�GDQRV�PRUDLV�

$JRVWLQKR�$OYLP��FLWDGR�SRU�/REUHJDW�����FRPHQWD�TXH�

$�PHGLGD�GD LQGHQL]DomR�p�RXWUR�SUREOHPD��QmR�VRE�R�DVSHFWR�TXH�Mi�DVVLQDODPRV� �GLILFXOGDGH�GH�HVWLPDomR�RX�DYDOLDomR�GR�GDQR���PDV�DLQGD�VRE�R�GD�UHSHUFXVVmR�TXH�D�LQGHQL]DomR�WHUi�QR�SDWULP{QLR�GD�YtWLPD� ������� 7DPEpP� D� TXHVWmR� GD� LQWHQVLGDGH� GD� GRU� p� RXWUR�SUREOHPD�� 2� GDQR� p� LQGHQL]iYHO�� DEVWUDomR� IHLWD� GD� VXD� H[WHQVmR��0DV�D� LQGHQL]DomR�SRU�GDQR�PRUDO� UHTXHU�TXH�D� GRU� WHQKD�DOJXPD�LQWHQVLGDGH��TXHVWmR�GH�IDWR�GH�GHOLFDGD�DSUHFLDomR�

(VVH� DUELWUDPHQWR� MXGLFLDO� WHP� SRU� ILQDOLGDGH� D� UHFRQVWLWXLomR� GR�SDWULP{QLR GR�OHVDGR��WDQWR�TXDQWR�SRVVtYHO��DR�VHX�HVWDGR�DQWHULRU��H�D�FRQGHQDomR�IXQFLRQH�FRPR�XP�LQLELGRU�GH�QRYDV�SUiWLFDV�OHVLYDV�

2� GDQR�PRUDO� p� WDPEpP� FRQVDJUDGR� FRPR� JDUDQWLD� FRQVWLWXFLRQDO��FRQIRUPH�SUHVFUHYH�R�DUW�����LQFLVRV�9�H�;��GD�&RQVWLWXLomR�)HGHUDO��

$UW��� 7RGRV� VmR� LJXDLV� SHUDQWH� D� OHL�� VHP� GLVWLQomR� GH� TXDOTXHU�QDWXUH]D��JDUDQWLQGR�VH�DRV�EUDVLOHLURV�H�DRV�HVWUDQJHLURV�UHVLGHQWHV�QR�3DtV�D�LQYLRODELOLGDGH�GR�GLUHLWR�j�YLGD��j�OLEHUGDGH��j�LJXDOGDGH��j�VHJXUDQoD�H�j�SURSULHGDGH��QRV�WHUPRV�VHJXLQWHV��

��� /2%5(*$7��������S�����

Page 117: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

9� p�DVVHJXUDGR�R�GLUHLWR�GH�UHVSRVWD��SURSRUFLRQDO�DR�DJUDYR��DOpP�GD�LQGHQL]DomR�SRU�GDQR�PDWHULDO��PRUDO��RX�j�LPDJHP��;� VmR� LQYLROiYHLV�D� LQWLPLGDGH��D�YLGD�SULYDGD��D�KRQUD�H�D� LPDJHP�GDV�SHVVRDV��DVVHJXUDGR�R�GLUHLWR�j�LQGHQL]DomR�SHOR�GDQR�PDWHULDO�RX�PRUDO�GHFRUUHQWH�GH�VXD�YLRODomR�

2� &yGLJR� &LYLO� %UDVLOHLUR�� SDUD� HIHLWR� GH� IL[DomR� GR� YDORU� GD�LQGHQL]DomR�� GLVS}H�HP� VHX� DUWLJR� ���� ³D� LQGHQL]DomR�PHGH�VH�SHOD� H[WHQVmR� GR�GDQR�� (� HP� VHX� SDUiJUDIR� ~QLFR� VH� KRXYHU� H[FHVVLYD� GHVSURSRUomR� HQWUH� D�JUDYLGDGH�GD�FXOSD�H�R�GDQR��SRGHUi�R�MXL]�UHGX]LU��HT�LWDWLYDPHQWH��D�LQGHQL]DomR´�

2�MXL]�WHP�R�OLYUH�DUEtWULR�SDUD�IL[DU�D�LQGHQL]DomR��GH�DFRUGR�FRP�R�JUDX� GD� FXOSD�� DWHQGHQGR� DR� GLVSRVWR� QR� GLSORPD� FLYLO�� GHYHQGR� YHULILFDU� RV�SUHVVXSRVWRV�GD�DomR �DWR�LOtFLWR�GHFRUUHQWH�GH�DomR�RX�RPLVVmR�GR�DJHQWH�FDXVDGRU�GR� GDQR��� RV� SUHVVXSRVWRV� SDUD� FRQILJXUDomR� GR� GDQR� PRUDO� �DWR� LOtFLWR�� GROR� RX�FXOSD� GR� DJHQWH�� QH[R� GH� FDXVDOLGDGH� HQWUH� R� DWR� OHVLYR� SUDWLFDGR� H� R� GDQR�GHFRUUHQWH��� ,QFOXVLYH� UHVSRQGHUi�R�HPSUHJDGRU�SRU� IDWR�GH� WHUFHLUR�� LQGHSHQGHQWH�GH�FXOSD�

'H�DFRUGR�FRP�R�3URI��&OD\WRQ�5HLV����

$� LGpLD�SUHYDOHFHQWH�GR� OLYUH�DUEtWULR�GR�PDJLVWUDGR�JDQKD�FRUSR�QD�GRXWULQD�H� MXULVSUXGrQFLD��QD�PHGLGD�HP�TXH�WUDQVIHUH�SDUD�R� MXL]�R�SRGHU�GH�DIHULU��FRP�R�VHX�OLYUH�FRQYHQFLPHQWR�H�WLURFtQLR��D�H[WHQVmR�GD� OHVmR� H� R� YDORU� GD� UHSDUDomR� FRUUHVSRQGHQWH�� $ILQDO�� p� R� MXL]�TXHP��XVDQGR�RV�SDUkPHWURV�VXEMHWLYRV��IL[D�D�SHQD�FRQGHQDWyULD�GH�UpXV� SURFHVVDGRV� FULPLQDOPHQWH� H�RX� HVWDEHOHFH� R� TXDQWXPLQGHQL]DWyULR�� HP� FRQGHQDomR� GH� GDQRV� UHVVDUFLWyULRV�� GH� QDWXUH]D�SDWULPRQLDO�

(�FRQFOXL�R�3URIHVVRU�����³TXDLVTXHU�TXH�VHMDP�RV�FULWpULRV�DGRWDGRV��D� QtYHO� GH� UHSDUDomR� SHFXQLiULD� RX� REULJDomR� GH� ID]HU� RX� GHL[DU� GH� ID]HU�� R� TXH�LPSRUWD�p�TXH�RV�GDQRV�PRUDLV�VHMDP�UHSDUDGRV´�

(�SDUD�IL[DU�R�YDORU�GD�LQGHQL]DomR�R�PDJLVWUDGR�OHYDUi�HP�FRQWD�DV�FLUFXQVWkQFLDV�HP�TXH�RFRUUHUDP�RV�IDWRV�FRQFUHWRV��REVHUYDGRV��D� LQWHQVLGDGH�GD�GRU�VRIULGD�SHOD�YtWLPD��D�JUDYLGDGH�GD�QDWXUH]D�GD�OHVmR��D�LQWHQVLGDGH�GR�GROR�H�R�

��� 5(,6��������S������� ,G��,ELG���S����

Page 118: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

JUDX�GD�FXOSD��D�FRQGLomR�HFRQ{PLFD�GR�RIHQVRU�H�GR RIHQGLGR��D�SRVVLELOLGDGH�GH�UHWUDWDomR�� R� WHPSR� GH� VHUYLoR� SUHVWDGR� SHOR� IXQFLRQiULR� j� HPSUHVD�� R� FDUJR� H� D�SRVLomR� KLHUiUTXLFD� RFXSDGD� QD� HPSUHVD�� SHUPDQrQFLD� WHPSRUDO� GRV� HIHLWRV� GR�GDQR�� DQWHFHGHQWHV� GR� DJHQWH� FDXVDGRU� GR� GDQR�� 3RUpP� WDLV� LQGLFDWLYRV� QmR� VmR�GHWHUPLQDQWHV�� FDEHQGR� DR� -XL]� IL[DU� D� FRPSHQVDomR� SHFXQLiULD� PDLV� MXVWD� H�DGHTXDGD�j�OHVmR�VRIULGD�SHOD�YtWLPD�

/XL]� GH� 3LQKR� 3HGUHLUD� GD� 6LOYD��� DSUHVHQWD� WUrV� WHRULDV� VREUH� D�YDORUDomR�GR�GDQR�PRUDO��D�VDEHU��³D��D�TXH�DYDOLD�R�GDQR�PRUDO�HP�IXQomR�GR�GDQR�SDWULPRQLDO��E��D�TXH�R�DYDOLD�HP�IXQomR�GD�IDOWD�FRPHWLGD�SHOR�UHVSRQViYHO��H�F��D�TXH�R�YDORUD�FRP�EDVH�QR�DUEtWULR�GR�MXOJDGRU´�

(�R�DXWRU�H[SOLFD�TXH�FRP� UHODomR�j�SULPHLUD� WHRULD� ³D� LQGHQL]DomR�GHYH� FRQVLVWLU� HP� XPD VRPD� SURSRUFLRQDO� jTXHOD� TXH� VH�PDQGH� SDJDU� SHOR� GDQR�PDWHULDO´�� (PERUD� HVVD� WHRULD� VHMD� JHUDOPHQWH� FRQGHQDGD�� IRL� DFROKLGD� HP�DOJXQV�DFyUGmRV�

&RP�UHODomR�j�VHJXQGD�WHRULD��R�DXWRU�FRPHQWD�TXH�³D�LQGHQL]DomR�SRU�GDQR�PRUDO�GHYH�VHU�FDOFXODGD�WHQGR�VH�PH�FRQWD�D�JUDYLGDGH�GD�IDOWD�FRPHWLGD�SHOR�GDQLILFDQWH��>���@�7DO�LQGHQL]DomR�WHP�R�FDUiWHU�VDWLVIDWyULR�H�QmR�GH�SHQD´�

$�WHUFHLUD�H�~OWLPD�WHRULD�DSRQWDGD�SHOR�DXWRU��³GHL[D�D�GHWHUPLQDomR�GR�PRQWDQWH�GD�LQGHQL]DomR�DR�DUEtWULR�GR�MXL]�H�ELIXUFD�VH�HP�VXEMHWLYD�H�REMHWLYD´�

(�DLQGD�D� ILQDOLGDGH�GD� LQGHQL]DomR�QmR�p D�GH�HQULTXHFLPHQWR�GR�RIHQGLGR��H�DVVLP�GLVFLSOLQD��&DLR�0DULR�GD�6LOYD�3HUHLUD����

>���@�� S{U� QDV� PmRV� GR� RIHQGLGR� XPD� VRPD� TXH� QmR� p� XP� SUHWLXP�GRORULV��SRUpP�XP�PHLR�TXH�SRGH�DPHQL]DU�D�DPDUJXUD�GD�RIHQVD�H��GH� TXDOTXHU� PDQHLUD�� R� GHVHMR� GH� YLQJDQoD�� 1D� DXVrQFLD� GH� XP�SDGUmR� RX� GH� XPD� FRQWUD�SUHVWDomR� TXH� Gr� R FRUUHVSHFWLYR� GD�PiJRD��R�TXH�SUHYDOHFH�p�R�FULWpULR�GH�DWULEXLU�DR�MXL]�R�DUELWUDPHQWR�GH�LQGHQL]DomR�>���@��PRGHUDGDPHQWH�DUELWUDGD�>���@��$�LQGHQL]DomR�QmR�SRGH� WHU�R�REMHWLYR�GH�SURYRFDU�R�HQULTXHFLPHQWR�GR�RIHQGLGR��SDUD�TXH�QmR�VH�FRQYHUWD�R�VRIULPHQWR�HP�PyYHO�GH�FDSWDomR�GH�OXFUR�

��� 6,/9$��������S�������� 3(5(,5$��������S���������

Page 119: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

-RVp�GH�$JXLDU�'LDV��FLWDGR�SRU�&OD\WRQ�5HLV�����FRPHQWD�TXH�

$�FRQGLomR�GD�LPSRVVLELOLGDGH�PDWHPDWLFDPHQWH�H[DWD�GD�DYDOLDomR�Vy�SRGH�VHU� WRPDGD�HP�EHQHItFLR�GD�YtWLPD�H�QmR�HP�VHX�SUHMXt]R��1mR� p� UD]mR� VXILFLHQWH� SDUD� QmR� LQGHQL]DU�� H� DVVLP� EHQHILFLDU� R�UHVSRQViYHO�� R� IDWR� GH� QmR� VHU� SRVVtYHO� HVWDEHOHFHU� HTXLYDOHQWH�HVWDGR�� SRUTXH�� HP� PDWpULD� GH� GDQR� PRUDO�� R� DUELWUiULR� p� DWp� GD�HVVrQFLD�GDV�FRLVDV�

0DUFXV�9LQtFLXV�/REUHJDW��� ID]�R�VHJXLQWH�FRPHQWiULR�� ³>���@�TXDQGR�LQJUHVVDPRV� QR� kPELWR� GH� IL[DomR� GD� LQGHQL]DomR� GR� GDQR� PRUDO�� SRU� GHULYDomR�GLUHWD�GDV�UHODo}HV�LQGLYLGXDLV�GR�WUDEDOKR��UHIHULGRV�IDWRUHV GHYHP�SDVVDU�SRU�XPD�QRYD�PRGLILFDomR´�

(�R�DXWRU��DFUHVFHQWD�OKHV�RV�VHJXLQWHV�DVSHFWRV�

���R�WHPSR�WUDQVFRUULGR�HQWUH�R�GDQR�PRUDO�H�R�DMXL]DPHQWR�GD�DomR�WHQGHQWH�j�REWHQomR�GD�LQGHQL]DomR��SRUTXDQWR�± FRPR�VH�VDEH�± R�WHPSR� VXDYL]D� DV� GRUHV�� FLFDWUL]D� DV� IHULGDV�� DSODFD� DV� PiJRDV��HQILP��YDL�DSDJDQGR�GD�OHPEUDQoD�RV�DFRQWHFLPHQWRV�UXLQV��XPD�YH]�TXH� p� GD� HVVrQFLD� GD� QDWXUH]D� KXPDQD� HVTXHFHU�VH� GRV� PDXV�PRPHQWRV��GH�WDO�PRGR�TXH�WDQWR�PHQRU�VHUi�R�YDORU�GD�LQGHQL]DomR�TXDQWR�PDLV�IRU�R�ODSVR�WHPSRUDO�WUDQVFRUULGR��

/XL]�GH�3LQKR�3HGUHLUD�GD�6LOYD��� FLWD�DV�UHJUDV�VXJHULGDV�SRU�0DULD�+HOHQD� 'LQL]� SDUD� TXH� R� yUJmR� MXGLFDQWH� DWLQMD� KRPRJHQHLGDGH� SHFXQLiULD� QD�DYDOLDomR�GR�GDQR�PRUDO��6mR�HODV�

D�� HYLWDU� LQGHQL]DomR� VLPEyOLFD� H� HQULTXHFLPHQWR� VHP� MXVWD� FDXVD��LOtFLWR� RX� LQMXVWR� GD� YtWLPD�� $� LQGHQL]DomR� QmR� SRGHUi� WHU� YDORU�VXSHULRU� DR�GDQR�� QHP�GHYHUi� VXERUGLQDU�VH�j� VLWXDomR�GH�SHQ~ULD�GR�OHVDGR��QHP�SRGHUi�FRQFHGHU�D�XPD�YtWLPD�ULFD�XPD�LQGHQL]DomR�VXSHULRU� DR� SUHMXt]R� VRIULGR�� DOHJDQGR� TXH� VXD� IRUWXQD� SHUPLWLULD�VXSRUWDU�R�H[FHGHQWH�GR�PHQRVFDER��E��QmR�DFHLWDU�WDULIDomR��SRUTXH�HVWD� UHTXHU� GHVSHUVRQDOL]DomR� H� GHVXPDQL]DomR�� H� HYLWDU�SRUFHQWDJHP� GR� GDQR� SDWULPRQLDO�� F�� GLIHUHQFLDU� R� PRQWDQWH�LQGHQL]DWyULR�VHJXQGR�D�JUDYLGDGH��D�H[WHQVmR�H�D�QDWXUH]D�GD�OHVmR��G�� YHULILFDU� D� UHSHUFXVVmR� S~EOLFD� SURYRFDGD� SHOR� IDWR� OHVLYR� H� DV�

��� 5(,6��������S������� /2%5(*$7��������S������������ 6,/9$��������S�����

Page 120: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

FLUFXQVWkQFLDV� IiWLFDV�� H�� DWHQWDU� SDUD� DV� SHFXOLDULGDGHV� GR� FDVR� H�SDUD� R� FDUiWHU� DQWL�VRFLDO� GD� FRQGXWD� OHVLYD�� I�� DYHULJXDU� QmR� Vy�RV�EHQHItFLRV� REWLGRV� SHOR� OHVDQWH� FRP� R� LOtFLWR�� PDV� WDPEpP� D� VXD�DWLWXGH� XOWHULRU� H� VLWXDomR� HFRQ{PLFD�� J�� DSXUDU� R� UHDO� YDORU� GR�SUHMXt]R�VRIULGR�SHOD�YtWLPD��K��OHYDU�HP�FRQWD�R�FRQWH[WR�HFRQ{PLFR�GR�3DtV��QR�%UDVLO�QmR�KDYHUi�OXJDU�SDUD�IL[DomR�GH�LQGHQL]Do}HV�GH�JUDQGH� SRUWH� FRPR� DV� YLVWDV� QRV� (VWDGRV� 8QLGRV�� L�� YHULILFDU� D�LQWHQVLGDGH�GR�GROR�RX�R�JUDX�GH�FXOSD�GR� OHVDQWH�� M��EDVHDU�VH�HP�SURYD�ILUPH�H�FRQYLQFHQWH�GR�GDQR��N��DQDOLVDU�D�SHVVRD�GR� OHVDGR��FRQVLGHUDQGR� D� LQWHQVLGDGH� GR� VHX� VRIULPHQWR�� VHXV� SULQFtSLRV�UHOLJLRVRV��VXD�SRVLomR�VRFLDO�RX�SROtWLFD��VXD�FRQGLomR�SURILVVLRQDO�H�VHX� JUDX� GH� HGXFDomR� H� FXOWXUD�� O�� SURFXUDU� D� KDUPRQL]DomR� GDV�UHSDUDo}HV� HP� FDVRV� VHPHOKDQWHV�� P�� DSOLFDU� R� FULWpULR� GR� MXVWXPDQWH�DV�FLUFXQVWkQFLDV�SDUWLFXODUHV�GR�FDVR�VXE�MXGLFH �/,&&��DUW������EXVFDQGR�VHPSUH��FRP�FDXWHOD�H�SUXGrQFLD�REMHWLYD��D�HT�LGDGH�

(�R�DXWRU�DLQGD�GLVFRUGD�HP�UHODomR�D�GRLV�SRQWRV��³D�FRQVLGHUDomR��SDUD�IL[DomR�GR�TXDQWXP�GD�LQGHQL]DomR��GR�GROR�RX�D�FXOSD�JUDYH�GR�RIHQVRU��TXH�VH� IXQGDULD� QD� WHRULD�GD� VDQomR�H[HPSODU� RX�GD�SHQD�� MDPDLV� DFHLWD� SRU� QyV�� H� D�H[LJrQFLD� GH SURYD� ILUPH� H� FRQYLQFHQWH� GR� GDQR�� LQFRPSDWtYHO� FRP� R� QRVVR�HQWHQGLPHQWR�GH�TXH�D�SURYD�GR�GDQR�PRUDO�p�LQ�UH�LSVD´�

$� 6~PXOD� ��� GR� 6XSHULRU� 7ULEXQDO� GH� -XVWLoD� GLVS}H� TXH�� ³VmR�FXPXOiYHLV� DV� LQGHQL]Do}HV� SRU� GDQR�PDWHULDO� H�GDQR� PRUDO� RULXQGRV� GR�PHVPR�IDWR´� $VVLP�� WHPRV� TXH� R� DVVpGLR� PRUDO� VRIULGR� SHOR� HPSUHJDGR�� SRGHUi� JHUDU�LQGHQL]DomR�SRU�GDQR�PRUDO�H�GDQR�PDWHULDO��SRLV��DOpP�GH�DWLQJLU�D� LQWHJULGDGH��D�GLJQLGDGH� H� D� SHUVRQDOLGDGH� GD� YtWLPD� WDPEpP� SRGH� UHGX]L�OD� j� FRQGLomR� GH�GHVHPSUHJR�� EHP� FRPR� RQHUi�OR� FRP� GHVSHVDV� H� WUDWDPHQWRV� PpGLFRV��SVLFROyJLFRV�H�UHPpGLRV��QRV�WHUPRV�GR�DUW�����GR�&yGLJR�&LYLO�TXH�GLVS}H��³QR�FDVR�GH�OHVmR�RX�RXWUD�RIHQVD�j�VD~GH��R�RIHQVRU�LQGHQL]DUi�R�RIHQGLGR�GDV�GHVSHVDV�GR�WUDWDPHQWR� H� GRV� OXFURV� FHVVDQWHV� DWp� DR� ILP� GD� FRQYDOHVFHQoD�� DOpP� GH� DOJXP�RXWUR�SUHMXt]R�TXH�R�RIHQGLGR�SURYH�KDYHU�VRIULGR´�

$� IRUPD�GH�EDOL]DPHQWR�� SDUD�R� DUELWUDPHQWR� GD� FRPSHQVDomR�SRU�GDQR�PRUDO�QD�HVIHUD�WUDEDOKLVWD��p�D�PHVPD�XWLOL]DGD�QD�-XVWLoD�&RPXP��GHYHQGR�DJLU�R�-XL]�FRP�ERP�VHQVR��SUXGrQFLD��PRGHUDomR��H�DWHQGHQGR�DV�FLUFXQVWkQFLDV�GR�FDVR�FRQFUHWR��XPD�YH]�TXH�HVWDPRV�WUDWDQGR�GD� LQWLPLGDGH�H�GD�GLJQLGDGH�GR�WUDEDOKDGRU��PDV�HVWD� GHFLVmR�HVWi� VXMHLWD�j� HYHQWXDO� FRQILUPDomR�RX�PRGLILFDomR�HP�LQVWkQFLD�VXSHULRU��SRU�VXD�FRPSOH[LGDGH�GH�DUELWUDPHQWR�

Page 121: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

� $�48(67­2�'$�&203(7Ç1&,$�'$�-867,d$�'2�75$%$/+2

2� GDQR� PRUDO� VRE� R� IXQGDPHQWR� GH� TXH� p� XP� LOtFLWR� FLYLO�� FXMD�UHSDUDomR� QmR� HVWi� SUHYLVWD� QD� &/7�� QmR� SRGHULD� VHU� LQVHULGR� QR� URO� GDV�FRQWURYpUVLDV� GH� FRUUHQWHV GD� UHODomR� GH� WUDEDOKR�� (VVH� IRL� R� SRVLFLRQDPHQWR� GH�DOJXQV� GRXWULQDGRUHV� TXH� QHJDYDP� D� FRPSHWrQFLD� GD� -XVWLoD� GR� 7UDEDOKR� SDUD� D�DSUHFLDomR�GR�GDQR�PRUDO�

$�FRPSHWrQFLD�PDWHULDO�GD�-XVWLoD�GR�7UDEDOKR�HVWi�HVWDEHOHFLGD�QR�DUW�����GD�&RQVWLWXLomR�)HGHUDO�TXH�GLVS}H�

&RPSHWH�j�-XVWLoD�GR�7UDEDOKR�SURFHVVDU�H�MXOJDU��,� DV�Do}HV�RULXQGDV�GD�UHODomR�GH�WUDEDOKR��DEUDQJLGRV�RV�HQWHV�GH�GLUHLWR�S~EOLFR�H[WHUQR�H�GD�DGPLQLVWUDomR�S~EOLFD�GLUHWD�H�LQGLUHWD�GD�8QLmR��GRV�(VWDGRV��GR�'LVWULWR�)HGHUDO�H�GRV�0XQLFtSLRV�,,� DV�Do}HV�TXH�HQYROYDP�H[HUFtFLR�GR�GLUHLWR�GH�JUHYH�,,,� DV� Do}HV� VREUH� UHSUHVHQWDomR� VLQGLFDO�� HQWUH� VLQGLFDWRV�� HQWUH�VLQGLFDWRV�H�WUDEDOKDGRUHV��H�HQWUH�VLQGLFDWRV�H�HPSUHJDGRUHV�,9� RV� PDQGDGRV� GH� VHJXUDQoD�� KDEHDV� FRUSXV� H� KDEHDV� GDWD��TXDQGR�R�DWR�TXHVWLRQDGR�HQYROYHU�PDWpULD�VXMHLWD�j�VXD�MXULVGLomR�9� RV� FRQIOLWRV� GH� FRPSHWrQFLD� HQWUH� yUJmRV� FRP� MXULVGLomR�WUDEDOKLVWD��UHVVDOYDGR�R�GLVSRVWR�QR�DUW������,��R�9,� DV� Do}HV� GH� LQGHQL]DomR� SRU� GDQR� PRUDO� RX� SDWULPRQLDO��GHFRUUHQWHV�GD�UHODomR�GH�WUDEDOKR�9,,� DV�Do}HV�UHODWLYDV�jV�SHQDOLGDGHV�DGPLQLVWUDWLYDV� LPSRVWDV�DRV�HPSUHJDGRUHV�SHORV�yUJmRV�GH�ILVFDOL]DomR�GDV�UHODo}HV�GH�WUDEDOKR�9,,,� D� H[HFXomR�� GH� RItFLR�� GDV� FRQWULEXLo}HV� VRFLDLV� SUHYLVWDV� QR�DUW������ ,�� D�� H� ,,�� H� VHXV� DFUpVFLPRV� OHJDLV�� GHFRUUHQWHV� GDV�VHQWHQoDV�TXH�SURIHULU�,;� RXWUDV�FRQWURYpUVLDV�GHFRUUHQWHV�GD�UHODomR�GH�WUDEDOKR��QD�IRUPD�GD�OHL�

$QWHV� PHVPR� GD� DSURYDomR� GD� (PHQGD� &RQVWLWXFLRQDO� Q�����SXEOLFDGD�QR�'LiULR�2ILFLDO�GD�8QLmR�HP����GH�GH]HPEUR�GH�������TXH�PRGLILFRX�R�DUW�����H�VHXV�LQFLVRV�H�SDUiJUDIRV�GD�&RQVWLWXLomR�)HGHUDO�GH��������D�6~PXOD�����GR�67)�Mi�UHFRQKHFLD�D�FRPSHWrQFLD�GD�-XVWLoD�GR�7UDEDOKR�SDUD�GHFLGLU�H�MXOJDU�DV�Do}HV�TXH�WHQKDP�FRPR�FDXVD�GH�SHGLU�R�GHVFXPSULPHQWR�GH�QRUPDV�WUDEDOKLVWDV�UHODWLYDV�j�VHJXUDQoD��KLJLHQH�H�VD~GH�GRV�WUDEDOKDGRUHV�

Page 122: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

6~PXOD�����GR�67)��&RPSHWH�j�-XVWLoD�GR�7UDEDOKR�MXOJDU�DV�Do}HV�TXH� WHQKDP� FRPR� FDXVD� GH� SHGLU� R� GHVFXPSULPHQWR� GH� QRUPDV�WUDEDOKLVWDV� UHODWLYDV� j� VHJXUDQoD�� KLJLHQH� H� VD~GH� GRV�WUDEDOKDGRUHV�� /HJLVODomR�� &)����� DUW������ &/7����� DUW������-XOJDGRV��3HW�������8)�0*�5HODWRU�0LQLVWUR�6HS~OYHGD�3HUWHQFH�����7XUPD�� 'DWD� GR� MXOJDPHQWR������������� '-8������������� 5(���������8)�0*�5HODWRU�0LQLVWUR�0DUFR�$XUpOLR�����7XUPD��'DWD�GR�MXOJDPHQWR������������� '-8������������� 5(� �������� 8)�')�5HODWRU�0LQLVWUR� 1pUL� GD� 6LOYHLUD�� ��� 7XUPD�� 'DWD� GR� MXOJDPHQWR������������� '-8������������� &-� ������ 8)�')� 5HODWRU�0LQLVWUR�6HS~OYHGD� 3HUWHQFH�� 7ULEXQDO� 3OHQR�� 'DWD� GR� MXOJDPHQWR�������������'-8������������

2� 6XSUHPR� 7ULEXQDO� )HGHUDO�� EXVFDQGR� SDFLILFDU� R� DVVXQWR��VXVWHQWRX�TXH��DLQGD�TXH�D�TXHVWmR�VHMD�GH�GLUHLWR�PDWHULDO�FLYLO��XPD�YH]�GHFRUUHQWH�R� GDQR� GD� UHODomR� GH� HPSUHJR�� D� FRPSHWrQFLD� p� GD� -XVWLoD� GR� 7UDEDOKR�� FXMD�GHFLVmR�WUD]�D�VHJXLQWH�HPHQWD�

(0(17$�� $*5$92� '(� ,167580(172�� ,1'(1,=$d­2� 325�'$12�025$/��&203(7Ç1&,$�'$�-867,d$�'2�75$%$/+2�� µ$�-XVWLoD�GR�7UDEDOKR�p�FRPSHWHQWH�SDUD�MXOJDU�OLGH�SRU�PHLR�GD�TXDO�VH�EXVFD�LQGHQL]DomR�GHFRUUHQWH�GH�UHODomR�GH�HPSUHJR��FRQIRUPH�R� DUW����� GD�&)��&RQVHT�HQWHPHQWH�� DSOLFD�VH�DR� FDVR HP� WHOD� D�SUHVFULomR� GR� DUW����� ;;,;�� GD� &RQVWLWXLomR� )HGHUDO�� $JUDYR� GH�,QVWUXPHQWR� QmR� SURYLGR¶� �767�$,55������������������������ 0LQ��5HO��-RVp�6LPSOLFLDQR�)RQWHV�GH�)��)HUQDQGHV�� M��HP������������H�S�������������

3RUWDQWR�� R� IXQGDPHQWDO� p� LGHQWLILFDU�VH� D� SUHWHQVmR� GHGX]LGD� QD�GHPDQGD�WHP�RULJHP�HP�LOtFLWR�SUDWLFDGR�GHQWUR�GRV�OLPLWHV�IXQFLRQDLV�GR�FRQWUDWR�GH�WUDEDOKR��FDVR�HP�TXH�VHUi�D�-XVWLoD�GR�7UDEDOKR�FRPSHWHQWH�SDUD�DSUHFLDU�H�MXOJDU��LQFOXVLYH� RV� SHGLGRV� GH� LQGHQL]DomR� H� UHSDUDomR� SRU� GDQRV� PRUDLV� H� PDWHULDLV�GHFRUUHQWHV�GR�DVVpGLR�PRUDO�

Page 123: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

&21&/86­2

1R� WUDQVFRUUHU� GR� SUHVHQWH� WUDEDOKR� SURFXURX�VH� GHPRQVWUDU� R�DVVpGLR� PRUDO� GH� XPD� IRUPD� PDLV� DPSOD�� VXD� DEUDQJrQFLD�� LPSRUWkQFLD� H�DSOLFDELOLGDGH� SUiWLFD�� 2� WUDEDOKDGRU� DVVHGLDGR�PRUDOPHQWH� WHP�OHJLWLPLGDGH� SDUD�SOHLWHDU� D� WXWHOD� MXUtGLFD� GR� (VWDGR� FRQWUD� HVVH� IHQ{PHQR� FRQVLGHUDGR� SRU�PXLWRV�GRXWULQDGRUHV�FRPR�SVLFRWHUURULVPR�QR�WUDEDOKR�

2�DVVpGLR�PRUDO�QmR�p�WHPD�QRYR�D�VHU�GLVFXWLGR��$V�PXGDQoDV�QD�HFRQRPLD� GR� SDtV� TXH� DIHWDP� DV� UHODo}HV� GH� WUDEDOKR� FRODERUDUDP� SDUD� TXH� R�DVVpGLR�PRUDO�IRVVH�FDGD�YH]�PDLV�VH�FRQVROLGDQGR�QDV�UHODo}HV�HPSUHJDWtFLDV��

2EVHUYDQGR�VH� D� KLVWyULD�� YHULILFD�VH� TXH� D� UHYROXomR� LQGXVWULDO�SURGX]LX�UHIOH[RV�GLUHWRV�QD�RUJDQL]DomR�GR� WUDEDOKR��(P�QRPH�GD�SURGXWLYLGDGH�H�GR� OXFUR�� UHGX]LX�VH� D� PmR�GH�REUD� H� GHX�VH� LQtFLR� D� XP� SURFHVVR� QR� TXDO� DV�HPSUHVDV� SDVVDUDP�D� H[LJLU� GRV� WUDEDOKDGRUHV�PDLRU� HILFLrQFLD� H� FRPSHWLWLYLGDGH��8P� VHQWLPHQWR� GH� PHGR� GH� QmR� FRUUHVSRQGHU� jV� H[SHFWDWLYDV� GD� RUJDQL]DomR�HPSUHVDULDO�� H� D� SUHRFXSDomR� GH PDQXWHQomR� GH� VHXV� SUySULRV� HPSUHJRV��GHVHQFDGHDUDP� XP� SURFHVVR� GH� YLROrQFLD� FRQWUD� RV� WUDEDOKDGRUHV� TXH�UHSUHVHQWDYDP�³DPHDoDV´��DR�DVVHGLDGRU��

,QLFLDOPHQWH�GHILQLX�VH�D�UHODomR�GH�HPSUHJR��RV�VHXV�VXMHLWRV�H�RV�SRGHUHV� GR� HPSUHJDGRU� TXH� HVEDUUDP� H�VmR� OLPLWDGRV� HP� VXD� DSOLFDomR� SHOR�SULQFtSLR� FRQVWLWXFLRQDO� GD� GLJQLGDGH� GD� SHVVRD� KXPDQD� H� SHORV� GLUHLWRV� GD�SHUVRQDOLGDGH�

%XVFRX�VH� GHILQLU� RV� GLUHLWRV� GD� SHUVRQDOLGDGH�� FRPR� DTXHOHV�LQHUHQWHV� j� SUySULD� SHVVRD�� VmR� FDUDFWHUHV� SUySULRV� GR� LQGLYtGXR�� IUXWRV� GH� VXD�SUySULD� H[LVWrQFLD�� FRPR� R� GLUHLWR� j� YLGD�� j� OLEHUGDGH�� LQWHJULGDGH� ItVLFD�� j� KRQUD��LPDJHP��LQWLPLGDGH��HQILP��GLUHLWRV�FRQVWLWXFLRQDOPHQWH�SURWHJLGRV�

'HILQLX�VH�R�DVVpGLR�PRUDO�VHJXQGR�VXDV�SULQFLSDLV�FDUDFWHUtVWLFDV��HVSpFLHV�H�VXMHLWRV��FRPR�XPD�H[SRVLomR�GR�WUDEDOKDGRU�D�VLWXDo}HV�KXPLOKDQWHV�H�FRQVWUDQJHGRUDV�� UHSHWLWLYDV� H� SURORQJDGDV� GXUDQWH� D� MRUQDGD� GH� WUDEDOKR� H� QR�H[HUFtFLR�GH�VXDV�IXQo}HV��VHQGR�PDLV�FRPXQV�HP�UHODo}HV�KLHUiUTXLFDV��2�TXH�VH�YHULILFD�p�TXH�D�UHODomR�GD�YtWLPD�FRP�R�DPELHQWH�GH�WUDEDOKR�WRUQD�VH�LQVXSRUWiYHO��

Page 124: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

IRUoDQGR� R� DVVHGLDGR� DWp� GHVLVWLU� GR� HPSUHJR�� RX� HP� FDVRV� PDLV� H[WUHPRV�� D�FRPHWHU�R�VXLFtGLR�

0XLWDV�VmR�DV�VLWXDo}HV�TXH�SRGHP�FDUDFWHUL]DU�R�DVVpGLR�PRUDO��p�GLItFLO� HVJRWi�ODV�� UHJLVWUD�VH� FRPR� DV� PDLV� IUHT�HQWHV�� KXPLOKDo}HV� SHOR�HPSUHJDGRU� RX� VXSHULRU� KLHUiUTXLFR� TXH� DWLQJHP� WRGRV� RV� HPSUHJDGRV�� FRP�HYLGHQWH� LQWHQomR� GH� IRUoDU� R� SHGLGR� GH� GHPLVVmR�� R� HVWDEHOHFLPHQWR� GH� PHWDV�LPSRVVtYHLV�GH�VHUHP�DWLQJLGDV�H�D�FREUDQoD�FRQVWDQWH�SRU�SDUWH�GR�HPSUHJDGRU�RX�VXSHULRU�� ERLFRWH�QDV�DWLYLGDGHV� ODERUDLV�� RX�VHMD��PHQRV� WUDEDOKR�p� WUDQVIHULGR�RX�DWLYLGDGHV�EHP�PHQRV�FRPSOH[DV�TXH�DV�H[HUFLGDV�QRUPDOPHQWH�SHOR�HPSUHJDGR�H�R� LVRODPHQWR� GR� DVVHGLDGR� GRV� GHPDLV� FROHJDV�� H� DLQGD� D� ULGLFXODUL]DomR� RX�PHQRVSUH]R�GH�VXDV�DWLYLGDGHV�SURILVVLRQDLV�

2V�DVVHGLDQWHV�VmR�DV�SHVVRDV�GHWHQWRUDV�GH�XPD�FHUWD�DXWRULGDGH�QDV� RUJDQL]Do}HV�� PDV� SRGHP� VHU� TXDOTXHU� DJHQWH� GD� UHODomR� HPSUHJDWtFLD��KRPHQV�RX�PXOKHUHV�TXH�H[HUFHP�R�SRGHU�GH�FRPDQGR�GH�XPD� IRUPD�DXWRULWiULD��TXH� DPHGURQWDP�� LQWLPLGDP� H� KXPLOKDP� VXDV� YtWLPDV� RV� WUDEDOKDGRUHV� HP� JUDX�KLHUiUTXLFR� LQIHULRU� �GHQRPLQDGR� DVVpGLR� YHUWLFDO�� RX�� DWp� PHVPR�� SHVVRDV� TXH�H[HUFHP�D�PHVPD� IXQomR�GHQWUR�GD�HPSUHVD��TXH�VmR�FROHJDV�GH� WUDEDOKR�H�TXH�HVWmR� QR� PHVPR� QtYHO� KLHUiUTXLFR� �GHQRPLQDGR� DVVpGLR� KRUL]RQWDO�� RX�� DLQGD�� R�DVVHGLDGRU� SRGH� WDPEpP� HQFRQWUDU�VH� HP� QtYHO� KLHUiUTXLFR� LQIHULRU�� HPERUD�PDLV�UDUD�D�KLSyWHVH��

%XVFDQGR�� DLQGD�� GHOLQHDU�VH� RV� VHXV� OLPLWHV�� SURFXURX�VH�GHPRQVWUDU� DV� KLSyWHVHV� GH� PDQLIHVWDomR� GR� DVVpGLR� PRUDO�� RX� VHMD�� DV�DWLWXGHV�SUDWLFDGDV�SHOR�HPSUHJDGRU�FRP�R�LQWXLWR�GH�GLILFXOWDU�D�SHUPDQrQFLD�GR�WUDEDOKDGRU�QR�HPSUHJR�� $V� SUHVV}HV�� RV� FRQIOLWRV�� DV� DJUHVV}HV� LVRODGDV�� R� DEXVR� GH� SRGHU��HQILP��R�DWHQWDGR�FRQWUD�D�GLJQLGDGH�GR�WUDEDOKDGRU�

3URFXURX�VH�DLQGD�� DSUHVHQWDU�DV� FRQVHT�rQFLDV� GR�DVVpGLR�PRUDO�SDUD�R�WUDEDOKDGRU��SDUD�R�HPSUHJDGR�DVVHGLDQWH�H�SDUD�D�HPSUHVD�

$� YtWLPD�GR�DVVpGLR�PRUDO� p� DWLQJLGD�HP� WRGDV�DV� HVIHUDV�GH� VXD�YLGD��TXHU�VHMD�VRFLDO��SURILVVLRQDO�RX�IDPLOLDU��$V�FRQVHT�rQFLDV�SDUD�R�HPSUHJDGR�TXH� p� DVVHGLDGR� VmR� YiULDV�� UHFDLQGR� SULQFLSDOPHQWH� HP� VHXV� GLUHLWRV�SHUVRQDOtVVLPRV��HVSHFLDOPHQWH�QD�VXD�GLJQLGDGH��H�VREUH�D�SUySULD�YLGD�

Page 125: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

0DUJDULGD� %DUUHWR��� FRPHQWD� ³R� DVVpGLR� JHUD� JUDQGH� WHQVmR�SVLFROyJLFD�� DQJ~VWLD��PHGR� GH� ILFDU� VR]LQKD� QR� SRVWR� GH� WUDEDOKR�� VHQWLPHQWR� GH�FXOSD�H�DXWRYLJLOkQFLD�DFHQWXDGD��'H]DUPRQL]D�DV�HPRo}HV�H�SURYRFD�GDQRV�ItVLFRV�H�PHQWDLV��FRQVWLWXLQGR�VH�IDWRU�GH�ULVFR�j�VD~GH�QDV�RUJDQL]Do}HV�GH�WUDEDOKR´��

$R� SHUGHU� D� VD~GH�� D� YtWLPD� SHUGH� WDPEpP� DV� FRQGLo}HV�QHFHVViULDV� SDUD� D� VXD HPSUHJDELOLGDGH�� SRLV� DV� RUJDQL]Do}HV� H[LJHP� D� VD~GH�SHUIHLWD��2XWUD�FRQVHT�rQFLD��TXH�QmR�VH�UHVWULQJHP�DSHQDV�j�HVIHUD�GR�LQGtYtGXR��H�D�TXHVWmR�SUHYLGHQFLiULD��RX�VHMD��D�VLWXDomR�JHUDGD�SHOR�SURFHVVR�GH�DVVpGLR�PRUDO�ODQoD� DRV� KRVSLWDLV�� RV� WUDEDOKDGRUHV� TXH�� GLUHWD� RX� LQGLUHWDPHQWH� LUmR� RQHUDU� R�VLVWHPD� GH� VD~GH� S~EOLFD�� � 4XDQWR� jV� FRQVHT�rQFLDV� GR� DVVpGLR� PRUDO� SDUD� R�HPSUHJDGR�DVVHGLDQWH��D�SULQFLSDO�GHODV�p�D�GHVSHGLGD�SRU�MXVWD�FDXVD��QRV�WHUPRV�GR� DUW�� ����� OHWUDV� µE¶�� µM¶� H� µN¶�� GD� &/7�� 3RGHQGR�DLQGD�� D� FRQGXWD� DVVHGLDQWH�SUDWLFDGD�SHOR�HPSUHJDGR��VHU� WLSLILFDGD�FRPR�FULPH�GH�FRQVWUDQJLPHQWR� LOHJDO��GH�DFRUGR�FRP�R�DUW������GR�&yGLJR�3HQDO�%UDVLOHLUR��RX�DLQGD�SRGH�VHU�HQTXDGUDGD�QR�WLSR� SHQDO� GRV� FULPHV� ³FRQWUD� D� KRQUD´� RX� QR� FULPH� GH� ³SHULFOLWDomR� GD� YLGD� H� GD�VD~GH´��

2� DVVpGLR� PRUDO� DFDUUHWD� SDUD� D� HPSUHVD� SUHMXt]RV� HFRQ{PLFRV��DIHWDQGR�GLUHWDPHQWH�D� SURGXWLYLGDGH�� OXFUDWLYLGDGH�� URWDWLYLGDGH�GH�PmR�GH�REUD�H�JHUD� LQGHQL]Do}HV� WUDEDOKLVWDV� RULXQGDV� GH� GDQR� PRUDO� H� PDWHULDO�� UHODWLYRV� DR�VRIULPHQWR�TXH�D YtWLPD�VXSRUWRX�HP�YLUWXGH�GR�DVVpGLR�PRUDO��3UHMXt]RV�GH�RUGHP�VRFLDO�WDPEpP�SRGHP�VHU�DSRQWDGRV��FRPR�SRU�H[HPSOR��TXDQGR�R�(VWDGR�SDVVD�D�VXSRUWDU� DV� GHVSHVDV� KRVSLWDODUHV�� LQGHQL]Do}HV� GH� VHJXUR�GHVHPSUHJR��DSRVHQWDGRULD�DQWHFLSDGD��SDJDPHQWR�GH�SHQV}HV��HQILP�WRGRV�RV�EHQHItFLRV�SDJRV�SHOD�SUHYLGrQFLD�VRFLDO��H�DVVHJXUDGRV�DR�WUDEDOKDGRU�DGRHFLGR��

$SRQWRX�VH� WDPEpP�� DV� VLWXDo}HV� TXH� QmR� FDUDFWHUL]DP� DVVpGLR�PRUDO��GDQGR�VH�GHVWDTXH�SDUD�R�HVWUHVVH��FRQIOLWRV�QDV�UHODo}HV�ODERUDLV��WpFQLFDV�GH�JHVWmR��DJUHVV}HV� LVRODGDV��DVVpGLR�VH[XDO��PiV�FRQGLo}HV�GH� WUDEDOKR��DEXVR�GH�SRGHU�GH�IRUPD�LVRODGD�

5HVVDOWH�VH� TXH� R� DVVpGLR� PRUDO� p� XP� SURFHVVR�� QmR� VH�FDUDFWHUL]DQGR� SRU� XPD� Vy� DomR�� DLQGD� TXH� HVWD� WHQKD� R� REMHWLYR� GH� JHUDU� GDQRV�SVLFROyJLFRV� RX�PRUDLV�� $VVHGLDU� SUHVVXS}H� H[SRVLomR� SURORQJDGD� H� UHSHWLWLYDD���� %$55(72��������S������

Page 126: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

FRQGLo}HV�GH�WUDEDOKR�TXH��GHOLEHUDGDPHQWH��YmR�VHQGR�GHJUDGDGDV��9HULILFD�VH�TXH�R�DVVpGLR�PRUDO�DSUHVHQWD�VH�HP�IDVHV�TXH�VH�FRQILJXUDP�LQLFLDOPHQWH�SRU�XP�PHUR�FRQIOLWR��TXH�DFDEDP�HYROXLQGRSDUD�XP�FRPSRUWDPHQWR�PDLV�DJUHVVLYR��DWp�FKHJDU�j�H[FOXVmR�GD�YtWLPD�GR�DPELHQWH�GH�WUDEDOKR��TXHU�VHMD�SDUD�WUDWDPHQWR�GH�VD~GH�RX�DWp�DSRVHQWDGRULD�SUHFRFH�

,QH[LVWH�QR�%UDVLO� OHJLVODomR�HVSHFtILFD�GHVWLQDGD�D�FRLELU� H�SXQLU� D�SUiWLFD� GR� DVVpGLR� PRUDO� QDV� UHODo}HV� GH� WUDEDOKR�� 2� TXH� H[LVWH� VmR� OHLV� TXH�SURtEHP� H� SXQHP� R� DVVpGLR� PRUDO� OLPLWDQGR�VH� j� HVIHUD� DGPLQLVWUDWLYD� S~EOLFD�PXQLFLSDO�� HVWDGXDO� H� IHGHUDO�� � $� MXULVSUXGrQFLD� EUDVLOHLUD� WHP�VH� PDQLIHVWDGR� QR�VHQWLGR�GH�SURWHJHU�R� WUDEDOKDGRU��H� UHYHODU�D� LPSRUWkQFLD�GH�VH�SXQLU�D�SUiWLFD�GH�DVVpGLR�PRUDO��TXDQGR�GHYLGDPHQWH�FDUDFWHUL]DGD�D�H[LVWrQFLD�GR�GDQR�FDXVDGR�DR�WUDEDOKDGRU�DVVHGLDGR�

$JXDUGD�VH�D�WUDPLWDomR�GH�DOJXQV�SURMHWRV�GH�OHL�IHGHUDO�%XVFDQGR�VH�D�OHJLVODomR�YLJHQWH�H[LVWH�SDUD�R�WUDEDOKDGRU�YLWLPDGR�

SHOR�DVVpGLR�PRUDO�D� WXWHOD� MXUtGLFD�GR�DUW������GD�&/7��QR�TXDO�R�DVVHGLDGR�SRGH�UHTXHUHU�TXH�R�FRQWUDWR�VHMD�URPSLGR��DOpP�GR�SHGLGR�QD�HVIHUD�FLYLO�GD�UHSDUDomR�SRU� GDQRV� PRUDLV� H� PDWHULDLV� HYHQWXDOPHQWH� VRIULGRV�� IXQGDPHQWDGR� QR� DUW�� ����LQFLVRV�9�H�;�GD�&RQVWLWXLomR�)HGHUDO� H�QRV�DUWV���������������� �UHVSRQVDELOLGDGH�FLYLO� VXEMHWLYD��� DUW�� ����� LQFLVR� ,,,�� ����� ����SDUiJUDIR� ~QLFR� �UHVSRQVDELOLGDGH� FLYLO�REMHWLYD� SRU� IDWR� GH� WHUFHLUR� H� IXQGDGD� QR� ULVFR�� H� QR� DUW�� ���� �UHVSRQVDELOLGDGH�FRQWUDWXDO���WRGRV�GR�&yGLJR�&LYLO�%UDVLOHLUR�

,QYHVWLJRX�VH�DLQGD��D�WtWXOR�GH�FRQKHFLPHQWR��R�WHPD�DVVpGLR�PRUDO��QD�OHJLVODomR�HVWUDQJHLUD��9HULILFRX�VH�D�HYROXomR�GR�WHPD�DVVpGLR�PRUDO�QR�PXQGRH�GHVWDTXH�HVSHFLDO�VH�Gi�DRV�SDtVHV�QRV�TXDLV�H[LVWH�OHJLVODomR�IHGHUDO�D�UHVSHLWR�GR� DVVXQWR�� VmR� HOHV�� )UDQoD�± SDtV� SLRQHLUR� D� LQVWLWXLU� XPD� OHJLVODomR� FRQWUD� R�DVVpGLR� PRUDO�� 1RUXHJD�� %pOJLFD� H� $XVWUiOLD� TXH� SRVVXHP� OHJLVODomR� HVSHFtILFD��DOJXQV�GHOHV�SUHYHQGR�DWp�SHQD�GH�SULVmR�SDUD�R�DJUHVVRU�&RQFOXL�VH�SHOD�DQiOLVH�GR� GLUHLWR� FRPSDUDGR� TXH� D� /HJLVODomR� )UDQFHVD�� SUHFXUVRUD� QR� WHPD�� � IRL� D� TXH�PDLV� FRODERURX� SDUD� D�HYROXomR� GR� LQVWLWXWR� QR� %UDVLO� SULQFLSDOPHQWH� SHODV� REUDV�SXEOLFDGDV� SHOD� SVLFyORJD� IUDQFHVD� 0DULH� )UDQFH� +LULJR\HQ�� TXH� PXLWR� FRQWULEXLX�SDUD�R�GHVHQYROYLPHQWR�GHVVH�HVWXGR�

Page 127: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

2� GDQR� PRUDO� p� XPD� GDV� PDLRUHV� FRQVHT�rQFLDV� VRIULGDV� SHOR�WUDEDOKDGRU� DVVHGLDGR� H� QD� HVIHUD� FLYLO� HQVHMD� XPD� UHSDUDomR�� SRUpP� p� GLItFLO�PHQVXUDU� D� LQWHQVLGDGH� GR� VRIULPHQWR� SVLFROyJLFR� VRIULGR� SHOR� WUDEDOKDGRU�� SRLV� R�DVVpGLR� DJULGH� VXD� SHUVRQDOLGDGH� PRUDO�� SURILVVLRQDO�� VRFLDO�� IDPLOLDU�� ItVLFD� H�SVtTXLFD��2�GDQR�VRIULGR�SHOR�DVVHGLDGR�QmR�p�Vy�GH�QDWXUH]D�PRUDO��PDV�WDPEpP�PDWHULDO��RSRUWXQL]DQGR�WDPEpP�D�UHSDUDomR�SHOR�SUHMXt]R� ILQDQFHLUR�VRIULGR��FRPR�SRU�H[HPSOR��GHVSHVDV�PpGLFDV�KRVSLWDODUHV�H�OXFURV�FHVVDQWHV��

&RP�UHODomR�j�TXHVWmR�GD�SURYD�GD�H[LVWrQFLD�GR�DVVpGLR�PRUDO�SHOD�YtWLPD��FDEH�DR�MXL]�R�H[DPH�GDV�SURYDV��D�H[LVWrQFLD�RX�QmR�GH�HOHPHQWRV�VHJXURV�SDUD�MXVWLILFDU�D�RIHQVD�PRUDO�RX�DV�DJUHVV}HV�SVLFROyJLFDV�VRIULGD�SHOR�WUDEDOKDGRU�DVVHGLDGR�� H� XPD� YH]� SURYDGR� D� H[LVWrQFLD� GR� DVVpGLR�PRUDO� HP� IDFH� GD� YtWLPD��SUHVXPHP�VH�SUHVHQWHV�WDPEpP�RV�GDQRV�PRUDLV�

4XDQWR� DR� DUELWUDPHQWR� GR� YDORU� GHYLGR� D� WtWXOR� GH� GDQRV�PRUDLV��QRYDPHQWH�� FDEH� DR� -XL]� GH� 'LUHLWR�� D� GLItFLO WDUHID� GH� DUELWUDU� GR� YDORU� D� VHU�LQGHQL]DGR�SHOR�DVVpGLR�PRUDO�GHFRUUHQWH�GH�GDQR�PRUDO��

$VVLP�� UHVWD� DR� 0DJLVWUDGR�� DJLU� FRP� ERP� VHQVR�� SUXGrQFLD��PRGHUDomR��H�DWHQGHQGR�DV�FLUFXQVWkQFLDV�GR�FDVR�FRQFUHWR��XPD�YH]�TXH�HVWDPRV�WUDWDQGR� GD� LQWLPLGDGH� H� GD� GLJQLGDGH� GH� XPD� SHVVRD�� RX� VHMD�� R� WUDEDOKDGRU�EUDVLOHLUR�

&RQFOXLQGR�� FDEH�DR�HPSUHJDGRU� R� DWULEXWR� GH� WUDWDU� R� HPSUHJDGR�FRP�GLJQLGDGH��UHVSHLWDQGR�VXD�OLEHUGDGH�GH�WUDEDOKR��VXD�LQWHJULGDGH�ItVLFD�H�PRUDO��VXD�YLGD�SULYDGD��VXD�LQWLPLGDGH��VXD�KRQUD�LPDJHP�H�ERD�IDPD��EHP�FRPR��HYLWDU�SUiWLFDV� GH� KXPLOKDo}HV� TXH� YLROHP� RV� GLUHLWRV� GD� SHUVRQDOLGDGH�� TXH� DJRUD� VmR�WXWHODGRV�H�SURWHJLGRV�SHOR�(VWDGR��

3RU� RXWUR� ODGR�� R� HPSUHJDGRU�� FRPR� SHVVRD� GH� GLUHLWRV� H�REULJDo}HV�� WDPEpP� p� VHU� KXPDQR�� H� HVWi� VXMHLWR DR� DVVpGLR�PRUDO� SRU� SDUWH� GR�HPSUHJDGR�� DVVLP�� DV� SDUWHV� GD� UHODomR� HPSUHJDWtFLD� HVWmR� VXMHLWDV� DR� DVVpGLR�PRUDO��VHQGR�FRPSURYDGR�TXH�DV�UHFODPDo}HV�SHORV�HPSUHJDGRUHV�VmR�HP�PHQRU�TXDQWLGDGH�H�PDLV�UDUDV��PDV�SRGHP�H[LVWLU��

0HGLGDV� GHYHP� VHU� WRPDGDV� QR� DPELHQWH� GH� WUDEDOKR� YLVDQGR�SURPRYHU� D� SD]� H� D� KDUPRQLD� VRFLDO�� SRLV� R� TXH� VH� UHFRPHQGD� p� TXH� KDMD� XP�

Page 128: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

UHVSHLWR�P~WXR�HQWUH�HPSUHJDGR�H�HPSUHJDGRU��REVHUYDQGR�RV�SULQFtSLRV�Pi[LPRV�GR�GLUHLWR��D�GLJQLGDGH�GD�SHVVRD�KXPDQD��H�RV�GLUHLWRV�GD�SHUVRQDOLGDGH�

2� TXH� VH� FRQFOXL� QR� SUHVHQWH� WUDEDOKR� p� TXH� PHVPR� TXH� DV�TXHVW}HV�VREUH�R�DVVpGLR�PRUDO�WHQKDP�FRQTXLVWDGR�FRQWRUQRV�UHOHYDQWHV��D�JUDQGH�PDLRULD�GRV�LQWHJUDQWHV�GD�UHODomR�ODERUDO�DLQGD�GHVFRQKHFH�VHX�VLJQLILFDGR�H�VXDV�FRQVHT�rQFLDV��$�YtWLPD��PXLWDV�YH]HV��PHVPR�UHFRQKHFHQGR�R�VHX�VRIULPHQWR��QmR�LPDJLQD� TXH� WHQKD� VRIULGR� YLROrQFLD� RX� DJUHVVmR� PRUDO�� SRU� LVVR�� PHGLGDV� GH�SUHYHQomR�TXH�SUH]HP�D�TXDOLGDGH�GH�YLGD�GR�HPSUHJDGR�H�PDQWHQKD�R�DPELHQWH�GH�WUDEDOKR�VDGLR�H�SURGXWLYR��SUHVHUYDQGR�D�VD~GH�ItVLFD�SVtTXLFD�H�PRUDO��D�YLGD�H�DFLPD�GH�WXGR�TXH�SUHVHUYH�H�YDORUL]H�XP�GRV�PDLRUHV�GLUHLWRV�GR�FLGDGmR�EUDVLOHLUR��D�GLJQLGDGH�KXPDQD��GHYHP�VHU�DGRWDGDV��VHQGR�D�FRQVFLHQWL]DomR�GR�HPSUHJDGRU��H�GR�SUySULR�WUDEDOKDGRU�DVVHGLDGR��D�SULPHLUD�H�D�PDLV�LPSRUWDQWH�GHODV�

Page 129: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

5()(5Ç1&,$6

$*8,$5��$QGUp�/XL]�GH�6RX]D��$VVpGLR�PRUDO��R�GLUHLWR�j�LQGHQL]DomR�SHORV�PDXV�WUDWRV�H�KXPLOKDo}HV�VRIULGRV�QR�DPELHQWH�GR�WUDEDOKR��6mR�3DXOR��/WU�������

$/.,0,1��0DULD�$SDUHFLGD��$VVpGLR�PRUDO�QD�UHODomR�GH�HPSUHJR��&XULWLED��-XUXi�������

%$55(72��0DUJDULGD�0DULD� 6LOYHLUD��8PD� MRUQDGD� GH� KXPLOKDo}HV� 6mR� 3DXOR�����������I��'LVVHUWDomR��0HVWUDGR�HP�3VLFRORJLD�6RFLDO��± 38&�63�

BBBBBB� �� 9LROrQFLD�� VD~GH�� WUDEDOKR� XPD� MRUQDGD� GH� KXPLOKDo}HV� 6mR� 3DXOR��('8&�������

%$5526��$OLFH0RQWHLUR�GH�3URWHomR�j�LQWLPLGDGH�GR�HPSUHJDGR� 6mR�3DXOR��/WU�������

BBBBBB� �� $VVpGLR� PRUDO�� 5HSHUWyULR� GH� MXULVSUXGrQFLD� ,2%�� WUDEDOKLVWD� H�SUHYLGHQFLiULR��6mR�3DXOR��Y����Q������S��������VHW�������

%$5526��$OLFH�0RQWHLUR�GH��&XUVR�GH�GLUHLWR�GR�WUDEDOKR��6mR�3DXOR��/WU�������

%$6726��&HOVR�5LEHLUR��0$57,16�� ,YHV�*DQGUD��&RPHQWiULRV�j�FRQVWLWXLomR�GR�%UDVLO��6mR�3DXOR��6DUDLYD�������

%,77$5�� &DUORV� $OEHUWR��2V� GLUHLWRV� GD� SHUVRQDOLGDGH�� ��HG�� 5LR� GH� -DQHLUR��)RUHQVH�8QLYHUVLWiULD�������

BBBBBB���5HSDUDomR�FLYLO�SRU�GDQRV�PRUDLV� 6mR�3DXOR��57��������

%5$6,/��&yGLJR� SHQDO� DWXDOL]DGR� H� DFRPSDQKDGR� GH� OHJLVODomR� FRPSOHPHQWDU��V~PXODV�H�tQGLFHV�����HG��6mR�3DXOR��6DUDLYD��������

BBBBBB� ��'HFUHWR�/HL�Q��������GH����GH�PDLR�GH�������&RQVROLGDomR�GDV� OHLV�GR�WUDEDOKR� 6mR�3DXOR��6DUDLYD�������

Page 130: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

BBBBBB� �� &RQVWLWXLomR� ��������&RQVWLWXLomR� GD� 5HS~EOLFD� )HGHUDWLYD� GR� %UDVLO�����HG��6mR�3DXOR��6DUDLYD�������

BBBBBB���2�QRYR�FyGLJR�FLYLO����HG��5LR�GH�-DQHLUR��(GLWRUD�)RUHQVH��������

&$+$/,��<XVVHI�6DLG��'DQR PRUDO����HG��6mR�3DXOR��5HYLVWD�GRV�7ULEXQDLV�������

&$3(/2�'(�628=$��5DELQGUDQDWK�9��$��2�GLUHLWR�JHUDO�GD�SHUVRQDOLGDGH��/LVERD��&RLPEUD�(GLWRUD�������

&$5'262��2WiYLR�)HUUHLUD��,QWURGXomR�DR�HVWXGR�GR�GLUHLWR����HG��%HOR�+RUL]RQWH��'HO�5H\�������

&$55,21�� 9DOHQWLQ��&RPHQWiULRV� j� FRQVROLGDomR� GDV� OHLV� GR� WUDEDOKR� ���HG��6mR�3DXOR��6DUDLYD�������

&2(/+2�� 3HGUR� 0�� $V� (PSUHVDV� FRPR� /HDUQLQJ� 2UJDQL]DWLRQV� &RLPEUD�3RUWXJDO�� 'HSDUWDPHQWR� GH� (QJHQKDULD� ,QIRUPiWLFD� GD� )DFXOGDGH� GH� &LrQFLD� H�7HFQRORJLD� GD� 8QLYHUVLGDGH� GH� &RLPEUD� 'LVSRQtYHO� HP��KWWS���ZZZ�GHL�XF�SW�JHVWDR�/2V�HPSUHVDV�ORBHPSUHVDV�KWPO�$FHVVR� HP�� ��� QRY�������'$//$5,��'DOPR�GH�$EUHX��9LYHU�HP�VRFLHGDGH� 6mR�3DXOR��0RGHUQD�������

'(� &83,6��$GULDQR��2V� GLUHLWRV� GD� SHUVRQDOLGDGH�� 7UDG�� $IRQVR� &HOVR� )XUWDGR�5H]HQGH��&DPSLQDV��5RPDQD�������

'(/*$'2��0DXUtFLR�*RGLQKR��&XUVR�GH�GLUHLWR�GR�WUDEDOKR����HG��6mR�3DXOR��/WU�������

BBBBBB���&XUVR�GH�GLUHLWR�GR�WUDEDOKR� ��HG��6mR�3DXOR��/WU�������

',$6��-RVp�GH�$JXLDU��'D�UHVSRQVDELOLGDGH�FLYLO� ���HG��5LR�GH�-DQHLUR��)RUHQVH�������

',1,=��0DULD�+HOHQD��&XUVR�GH�GLUHLWR�FLYLO�EUDVLOHLUR�����HG��6mR�3DXOR��6DUDLYD�������

Page 131: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

BBBBBB� ��&XUVR�GH�GLUHLWR�FLYLO�EUDVLOHLUR�� WHRULD�JHUDO�GR�GLUHLWR�FLYLO�� ���HG��6mR�3DXOR��6DUDLYD�������

BBBBBB� �&XUVR� GH� GLUHLWR� FLYLO� EUDVLOHLUR�� WHRULD� GDV� REULJDo}HV� FRQWUDWXDLV� H�H[WUDFRQWUDWXDLV�����HG��6mR�3DXOR��6DUDLYD��������

BBBBBB���2�HVWDGR�DWXDO�GR�ELRGLUHLWR� 6mR�3DXOR��6DUDLYD��������

BBBBBB� ��/HL� GH� LQWURGXomR� DR� FyGLJR� FLYLO� EUDVLOHLUR� LQWHUSUHWDGD� 6mR�3DXOR�6DUDLYD�������

'2:(5��1HOVRQ�*RGR\�%DVVLO��,QVWLWXLo}HV�GH�GLUHLWR�S~EOLFR�H�SULYDGR�� ���HG��6mR�3DXOR��6DUDLYD�������

(':$5'��-RVp��$VVpGLR�PRUDO��R�ODGR�VRPEULR�GR�WUDEDOKR� 5HYLVWD�9HMD��(G�������DQR�����Q�����S������>����@��

)$5,$6�� &ULVWLDQR� &KDYHV� GH�� 'LUHLWR� FLYLO�� SDUWH� JHUDO�� 6mR� 3DXOR�� -XVSRGLYP��������

)(55$5,�� ,UDQ\�� 'DQR� PRUDO� P~OWLSORV� DVSHFWRV� QDV� UHODo}HV� GH� WUDEDOKR��FRPHQWiULRV��UHIHUrQFLDV�OHJDLV��ELEOLRJUDILD�H�MXULVSUXGrQFLD�6mR�3DXOR��/WU�������

)(55(,5$��+iGDVVD�'RORUHV�%RQLOKD��$VVpGLR�PRUDO�QDV� UHODo}HV�GH� WUDEDOKR�&DPSLQDV��5XVVHOO�(GLWRUHV��������

)5$1d$��/LPRQJL�5XEHQV��,QVWLWXLo}HV�GH�GLUHLWR�FLYLO����HG��6mR�3DXOR��6DUDLYD��������

*20(6�� 2UODQGR�� ,QWURGXomR� DR� GLUHLWR� FLYLO�� ���HG�� 5LR� GH� -DQHLUR�� )RUHQVH��������

*20(6�� 2UODQGR�� *2776&+$/.�� eOVRQ��&XUVR� GH� GLUHLWR� GR� WUDEDOKR�� 5LR� GH�-DQHLUR��)RUHQVH��������

*21d$/9(6��&DUORV�5REHUWR��5HVSRQVDELOLGDGH�FLYLO� ��HG��6mR�3DXOR��6DUDLYD��������

*8('(6��0DUFLD�1RYDHV��7HUURU�SVLFROyJLFR�QR�WUDEDOKR� 6mR�3DXOR��/WU�������

Page 132: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

+(5.(1+2))�� -RmR� %DWLVWD�� 3ULQFtSLR� GD� GLJQLGDGH� KXPDQD��-XULVWDV�FRP�EU�-RmR� 3HVVRD�� DQR� ��� Q����� 'LVSRQtYHO� HP�� �KWWS���ZZZ�MXULVWDV�FRP�EU�FROXQDV!��$FHVVR�HP�����QRY�������

+,5,*2<(1��0DULH�)UDQFH��$VVpGLR�PRUDO��D�YLROrQFLD�SHUYHUVD�QR�FRWLGLDQR�3DULV��6HXLO�������

BBBBBB� ��$VVpGLR�PRUDO� D� YLROrQFLD� SHUYHUVD� GR� FRWLGLDQR�� ��HG��5LR� GH� -DQHLUR��%HUWUDQG�%UDVLO��������

+2/$1'$��$XUpOLR�%XDUTXH�GH��1RYR�GLFLRQiULR�GD�OtQJXD�SRUWXJXHVD����HG��5LR�GH�-DQHLUR��1RYD�)URQWHLUD��������

-$%85�� *LOEHUWR +DGGDG�� /LEHUGDGH� GH� SHQVDPHQWR� H� GLUHLWR� j� YLGD� SULYDGD��FRQIOLWRV�HQWUH�GLUHLWRV�GD�SHUVRQDOLGDGH��6mR�3DXOR��(GLWRUD�5HYLVWD�GRV�7ULEXQDLV��������

-25*(� 1(72�� )UDQFLVFR� )HUUHLUD�� &$9$/&$17(�� -RXEHUWR� GH� 4XDGURV� 3HVVRD��5HVSRQVDELOLGDGH H�DV�UHODo}HV�GH�WUDEDOKR� 6mR�3DXOR��/WU��������

/$5(1=�� .DUO�� 'HUHFKR� FLYLO�� SDUWH� JHQHUDO�� 0DGUL�� (GLWRULDOHV� GH� 'HUHFKR�5HXQLGDV��������

/2%5(*$7��0DUFXV�9LQLFLXV��'DQR�PRUDO�QDV�UHODo}HV�LQGLYLGXDLV�GR�WUDEDOKR��6mR�3DXOR��/WU�������

0$*$12�� 2FWDYLR� %XHQR��'LUHLWR� LQGLYLGXDO� GR� WUDEDOKR� ��HG� 6mR� 3DXOR�� /WU�������

0$5$1+­2�� 'pOLR�� ,QVWLWXLo}HV� GH� GLUHLWR� GR� WUDEDOKR� ���HG�� 6mR� 3DXOR�� /WU��������

0(1(=(6��&OiXGLR�$UPDQGR�&RXFH�GH��$VVpGLR�PRUDO��5HYLVWD�GR�767��%UDVtOLD��')��Y�����Q����S����������MXO��GH]�������

0217(,52�� :DVKLQJWRQ� GH� %DUURV��&XUVR� GH� GLUHLWR� FLYLO�� ��� HG�� 6mR� 3DXOR��6DUDLYD�������

Page 133: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

025$(6��$OH[DQGUH�GH��'LUHLWR�FRQVWLWXFLRQDO����HG��6mR�3DXOR��$WODV��������

BBBBBB���'LUHLWR�FRQVWLWXFLRQDO����HG��6mR�3DXOR��$WODV��������

025$(6��*DUGrQLD�%RUJHV��'DQR�PRUDO�QDV�UHODo}HV�GH�WUDEDOKR��6mR�3DXOR��/WU��������

0285$�� 0DXUR� $]HYHGR� GH��$VVpGLR� PRUDO� 3RUWR� $OHJUH�� 1~FOHR� &ULDomR� H�3URGXomR�������

1$6&,0(172��$PDXUL�0DVFDUR��&XUVR�GH�GLUHLWR�GR�WUDEDOKR� ���HG��6mR�3DXOR��6DUDLYD�������

BBBBBB�� ,QLFLDomR�DR�GLUHLWR�GR�WUDEDOKR�����HG��6mR�3DXOR��/WU��������

1$6&,0(172��6{QLD�$��&��0DVFDUR��2�DVVpGLR�PRUDO�QR�DPELHQWH�GR�WUDEDOKR��-XV�1DYLJDQGL�� 7HUHVLQD�� DQR� ��� Q�� ����� ��� MXO�� ������ 'LVSRQtYHO� HP�� �KWWS���MXV��XRO��FRP�EU�GRXWULQD�WH[WR�DVS"LG ����!��$FHVVR�HP�����GH]�������

2/,9(,5$��3DXOR�(GXDUGR�9��2�GDQR�SHVVRDO�QR�GLUHLWR�GR�WUDEDOKR��6mR�3DXOR��OWU��������

3$',/+$��1RUPD�6XHOL��'R�PHLR�DPELHQWH�GR� WUDEDOKR�HTXLOLEUDGR�� 6mR�3DXOR��/WU��(G��PDLR������

3$03/21$�),/+2��5RGROIR��2�GDQR�PRUDO QD� UHODomR�GH�HPSUHJR� 6mR�3DXOR��/WU�������

3(5(,5$��&DLR�0iULR�GD�6LOYD��5HVSRQVDELOLGDGH�FLYLO��5LR�GH�-DQHLUR��)RUHQVH�������

3,172�� &DUORV� $OEHUWR� GD�0RWD��7HRULD� JHUDO� GR� GLUHLWR� FLYLO�� &RLPEUD�� &RLPEUD�(GLWRUD�������

5(,6��&OD\WRQ��$YDOLDomR�GR�GDQR�PRUDO��5LR�GH�-DQHLUR��)RUHQVH�������

5(9,67$�9HMD��(GLomR�������GH��� GH�MXOKR�GH������

Page 134: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

52'5,*8(6��6LOYLR�'LUHLWR�FLYLO� 6mR�3DXOR��6DUDLYD�������

586620$12��0R]DUW�9LFWRU��2�HPSUHJDGRU�H�R�HPSUHJDGR�QR�GLUHLWR�EUDVLOHLUR���HG��5LR�GH�-DQHLUR��)RUHQVH�������

6$1726� (QRTXH�5LEHLUR�GRV��2�GDQR�PRUDO�QD�GLVSHQVD�GR�HPSUHJDGR����HG��6mR�3DXOR��/WU�������

6$5/(7��,QJR�:ROIJDQJ��'LJQLGDGH�GD�SHVVRD�KXPDQD�H�GLUHLWRV�IXQGDPHQWDLV�QD�FRQVWLWXLomR�IHGHUDO�GH�������3RUWR�$OHJUH��/LYUDULD�GR�$GYRJDGR�������

6,/9$�1(72��0DQRHO�-RUJH��'LUHLWRV�IXQGDPHQWDLV�H�R�FRQWUDWR�GH�WUDEDOKR��6mR�3DXOR��/75��������

6,/9$��'H�3OiFLGR�H��9RFDEXOiULR�MXUtGLFR����HG��5LR�GH�-DQHLUR��)RUHQVH�������

6,/9$�� -RUJH� /XL]� GH� 2OLYHLUD� GD��eWLFD� H� DVVpGLR� PRUDO�� XPD� YLVmR� ILORVyILFD�'LVSRQtYHO� HP�� �KWWS���ZZZ�VRFLRORJLD�RUJ�EU�WH[�SVFO��LEHV�KWP!�� $FHVVR� HP�� ���RXW�������

6,/9$�� /XL]� GH� 3LQKR� 3HGUHLUD� GD��$� UHSDUDomR� GR� GDQR� PRUDO� QR� GLUHLWR� GR�WUDEDOKR��6mR�3DXOR��/WU�������

6h66(.,1'�� $UQDOGR� /RSHV��'DQR� PRUDO� QD� UHODomR� GH� HPSUHJR�� 6mR� 3DXOR��5HYLVWD�GR�'LUHLWR�7UDEDOKLVWD��Q����S�����������

BBBBBB� �� $V� UHODo}HV� LQGLYLGXDLV� H� FROHWLYDV� GH� WUDEDOKR� QD� UHIRUPD� GR� SRGHU�MXGLFLiULR� ,Q�� &287,1+2�� *ULMDOER� )HUQDQGHV�� )$9$�� 0DUFRV� 1HYHV� �&RRUG����-XVWLoD�GR�WUDEDOKR��FRPSHWrQFLD�DPSOLDGD� 6mR�3DXOR��/7U�������

6=$1,$:6.,��(OLPDU��'LUHLWRV�GD�SHUVRQDOLGDGH�H�VXD�WXWHOD� 6mR�3DXOR��(GLWRUD�5HYLVWD�GRV�7ULEXQDLV�������

7(3(',12��*XVWDYR��$�WXWHOD�GD�SHUVRQDOLGDGH�QR�RUGHQDPHQWR�FLYLO��FRQVWLWXFLRQDO�EUDVLOHLUR��,Q��BBBBBB���HW�DO��7HPDV�GH�GLUHLWR�FLYLO��5LR�GH�-DQHLUR��5HQRYDU�������

9(126$�� 6tOYLR� GH� 6DOYR��'LUHLWR� FLYLO� UHVSRQVDELOLGDGH� FLYLO�� ��HG�� 6mR� 3DXOR��$WODV�������

Page 135: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

$1(;26

Page 136: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

$1(;2�$ 35,0(,5$�/(,�62%5(�$66e',2�025$/�12�%5$6,/���

&Æ0$5$�081,&,3$/�'(�,5$&(0È32/,6�63/HL�Q������������GH����GH�DEULO�GH������³'LVS}H� VREUH� D� DSOLFDomR� GH� SHQDOLGDGHV� j� SUiWLFD� GH� DVVpGLR� PRUDO� QDV�GHSHQGrQFLDV� GD� $GPLQLVWUDomR� 3~EOLFD� 0XQLFLSDO� 'LUHWD� SRU� VHUYLGRUHV� S~EOLFRV�PXQLFLSDLV�´&/È8',2�&26(1=$��3UHIHLWR�0XQLFLSDO�GH�,UDFHPiSROLV��(VWDGR�GH�6mR�3DXOR��QR�XVR� GH� VXDV� DWULEXLo}HV� OHJDLV�� )D]� VDEHU� TXH� D�&kPDUD�0XQLFLSDO� DSURYRX� H� HOH�VDQFLRQRX�H�SURPXOJD�D�VHJXLQWH�/HL�$UWLJR� ��� )LFDP� RV� VHUYLGRUHV� S~EOLFRV� PXQLFLSDLV� VXMHLWRV� jV� VHJXLQWHV�SHQDOLGDGHV�DGPLQLVWUDWLYDV�QD�SUiWLFD�GH�DVVpGLR�PRUDO��QDV�GHSHQGrQFLDV�GR�ORFDO�GH�WUDEDOKR�,� $GYHUWrQFLD�,,� 6XVSHQVmR��LPSRQGR�VH�DR�IXQFLRQiULR�D�SDUWLFLSDomR�HP�FXUVR�GH�FRPSRUWDPHQWRSURILVVLRQDO�,,,� 'HPLVVmR��3DUiJUDIR�ÒQLFR ± 3DUD�ILQV�GR�GLVSRVWR�QHVWD�/HL��FRQVLGHUD�VH�DVVpGLR�PRUDO�WRGR�WLSR� GH� DomR�� JHVWR� RX� SDODYUD� TXH� DWLQMD�� SHOD� UHSHWLomR�� D� DXWR�HVWLPD� H� D�VHJXUDQoD� GH� XP� LQGLYLGXR�� ID]HQGR�R� GXYLGDU� GH� VL� H� GH� VXD� FRPSHWrQFLD��LPSOLFDQGR�HP�GDQR�DR�DPELHQWH�GH�WUDEDOKR��j�HYROXomR�GD�FDUUHLUD�SURILVVLRQDO�RX�j�HVWDELOLGDGH�GR�YtQFXOR�HPSUHJDWtFLR�GR�IXQFLRQiULR��WDLV�FRPR��PDUFDU�WDUHIDV�FRP�SUD]RV� LPSRVVtYHLV��SDVVDU�DOJXpP�GH�XPD�iUHD�GH�UHVSRQVDELOLGDGH�SDUD�IXQo}HV�WULYLDLV�� WRPDU� FUpGLWR� GH� LGpLDV GH� RXWURV�� LJQRUDU� RX� H[FOXLU� XP� IXQFLRQiULR� Vy� VH�GLULJLQGR� D� HOH� DWUDYpV� GH� WHUFHLURV�� VRQHJDU� LQIRUPDo}HV� GH� IRUPD� LQVLVWHQWH��HVSDOKDU�UXPRUHV�PDOLFLRVRV��FULWLFDU�FRP�SHUVLVWrQFLD��VXEHVWLPDU�HVIRUoRV�$UWLJR� ��� 2V� SURFHGLPHQWRV� DGPLQLVWUDWLYRV� GR� GLVSRVWR� QR� DUWLJR� DQWHULRU� VHUi�LQLFLDGR� SRU� SURYRFDomR� GD� SDUWH� RIHQGLGD� RX� SHOD� DXWRULGDGH� TXH� WLYHU�FRQKHFLPHQWR�GD�LQIUDomR�IXQFLRQDO�3DUiJUDIR� ÒQLFR ± )LFD� DVVHJXUDGR� DR� VHUYLGRU� R� GLUHLWR� GH� DPSOD� GHIHVD� GDV�DFXVDo}HV�TXH�OKH�IRUHP�LPSXWDGDV��VRE�SHQD�GH�QXOLGDGH�$UWLJR� ��� $V� SHQDOLGDGHV� D� VHUHP� DSOLFDGDV� VHUmR� GHFLGLGDV� HP� SURFHVVR�DGPLQLVWUDWLYR� GH� IRUPD� SURJUHVVLYD�� FRQVLGHUDGD� D� UHLQFLGrQFLD� H� D� JUDYLGDGH� GD�DomR������ $V�SHQDV�GH�FXUVR�GH�DSULPRUDPHQWR�SURILVVLRQDO��VXVSHQVmR�H�PXOWD�GHYHUmR�VHU�REMHWR�GH�QRWLILFDomR�SRU�HVFULWR�DR�VHUYLGRU�LQIUDWRU�

��� 'LVSRQtYHO�HP���KWWS���ZZZ�DVVHGLRPRUDO�RUJ!�

Page 137: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

���� $�SHQD�GH�VXVSHQVmR�SRGHUi��TXDQGR�KRXYHU�FRQYHQLrQFLD�SDUD�R�VHUYLoR��VHU�FRQYHUWLGD� HP�PXOWD�� VHQGR�R� IXQFLRQiULR�� QHVVH� FDVR�� REULJDGR�D� SHUPDQHFHU� QR�H[HUFtFLR�GD�IXQomR�$UWLJR� ��� (VWD� /HL� GHYHUi� VHU� UHJXODPHQWDGD� SHOR� ([HFXWLYR� QR� SUD]R� GH� ����VHVVHQWD��GLDV�$UWLJR� ��� $V� GHVSHVDV� GHFRUUHQWHV� GD� H[HFXomR� RUoDPHQWiULD� GD� SUHVHQWH� /HL�FRUUHUmR� SRU� FRQWD� GDV� GRWDo}HV� RUoDPHQWiULDV� SUySULDV�� VXSOHPHQWDGDV� VH�QHFHVViULRV�$UWLJR� ��� (VWD� /HL� HQWUDUi� HP� YLJRU� QD� GDWD� GH� VXD� SXEOLFDomR�� UHYRJDGDV� DV�GLVSRVLo}HV�HP�FRQWUiULR�

,UDFHPiSROLV��DRV�YLQWH�H�TXDWUR�GLDV�GR�PrV�GH�DEULO�GR�DQR�GRLV�PLO�&OiXGLR�&RVHQ]D3UHIHLWXUD�0XQLFLSDO

Page 138: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

&Æ0$5$�081,&,3$/�'(�,5$&(0È32/,6�63'HFUHWR�Q��������������GH����GH�DEULO�GH��������

³4XH�UHJXODPHQWD�D�OHL�GH�DVVpGLR�PRUDO´�-RmR�5HQDWR�$OYHV�3HUHLUD��3UHIHLWR�0XQLFLSDO�GH�,UDFHPiSROLV��(VWDGR�GH�6mR�GH�3DXOR��QR�XVR�GH�VXDV�DWULEXLo}HV�OHJDLV�&RQVLGHUDQGR�D�/HL�0XQLFLSDO�Q������������GH����GH�DEULO�GH�������GHFUHWD�$UWLJR���� 2�6HUYLGRU�0XQLFLSDO�TXH�YLHU�D�VRIUHU�D�SUiWLFD�GH�$VVpGLR�0RUDO��GHYHUi�OHYDU�DR�FRQKHFLPHQWR�GR�&KHIH�GR�3RGHU�([HFXWLYR�RX�RXWUD�DXWRULGDGH��PHGLDQWH�UHTXHULPHQWR�SURWRFRODGR��FRP�GXDV�RX�PDLV�WHVWHPXQKDV�RX�SURYDV�GRFXPHQWDLV�3DUiJUDIR� ��� $� DXWRULGDGH� QR� SUD]R� GH� TXLQ]H� GLDV� GHYHUi� WRPDU� DV� GHYLGDV�SURYLGrQFLDV� SDUD� DEHUWXUD� GH� SURFHVVR� DGPLQLVWUDWLYR� RX� SURFHVVR� VLPLODU� SDUD�DSXUDomR�H�DYHULJXDomR�GRV�IDWRV��UHVHUYDGR�VHPSUH�R�GLUHLWR�GH�GHIHVD�3DUiJUDIR���� &RPSURYDGRV�RV� IDWRV��R UHVSRQViYHO� GHYHUi� VHU�SXQLGR�GH�DFRUGR�FRP�D�JUDYLGDGH�GRV�IDWRV�$UWLJR���� $�&RPLVVmR�3URFHVVDQWH�VHUi�FRQVWLWXtGD�SRU�VHLV�HOHPHQWRV��VHQGR�WUrV�GR�3RGHU�3~EOLFR�H�WUrV�GH�VHUYLGRUHV�HOHLWRV�HQWUH�RV�SDUHV�$UWLJR���� $V�SHQDOLGDGHV�GHFLGLGDV�SHOD�&RPLVVmR�3URFHVVDQWH�VHUmR��D��PtQLPD�± ����WUrV��GLDV�E��Pi[LPD�± ��� �TXLQ]H��GLDV��FRP�GHVFRQWR�QD� IROKD�RX�VHU� UHYHUWLGDV�HP�PXOWDV�QRV�WHUPRV�GR�SDUiJUDIR����GD�/HL��Q������������F�� FXUVR� GH� DSULPRUDPHQWR� SURILVVLRQDO�� FXMDV� GHVSHVDV� FRUUHUmR� SRU� FRQWDGR�VHUYLGRU�TXH�FRPHWHX�R�DVVpGLR�PRUDO��3DUiJUDIR� ��� +DYHQGR� UHLQFLGrQFLD�� DV� SHQDOLGDGHV� VHUmR� GREUDGDV�� SRGHQGR�DLQGD��RFRUUHU�UHVFLVmR�FRQWUDWXDO�$UWLJR� ��� 2FRUUHQGR� R� DVVpGLR� PRUDO� SRU� DXWRULGDGH� GH� PDQGDWR� HOHWLYR� D�FRQFOXVmR�GRV�IDWRV�DSXUDGRV�GHYH�VHU�HQFDPLQKDGD�SDUD�RV�yUJmRV�ILVFDOL]DGRV�RX�SDUD�R�-XGLFLiULR�$UWLJR���� (VWH�'HFUHWR�HQWUDUi�HP�YLJRU�QD�GDWD�GH�VXD�SXEOLFDomR��UHYRJDGDV�DV�GLVSRVLo}HV�HP�FRQWUiULR�

,UDFHPiSROLV�����GH�$EULO�GH������-RmR�5HQDWR�$OYHV�3HUHLUD3UHIHLWR�0XQLFLSDO$QWRQLR�-RVp�'XFDWWL9LFH�3UHIHLWR��� 'LVSRQtYHO�HP���KWWS���ZZZ�DVVHGLRPRUDO�RUJ!�

Page 139: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

$1(;2�% /(,6�081,&,3$,6�(�(67$'8$,6�62%5(�2�$66e',2�025$/

/(,6�081,&,3$,6�(�(67$'8$,6�62%5(�2�$66e',2�025$/ ���

�� 081,&Ë3,2�'(�$0(5,&$1$�± 63��/HL�Q��������GH����GH�MXQKR�GH������'LVS}H�VREUH�D�DSOLFDomR�GH�SHQDOLGDGHV�j�SUiWLFD�GH�µDVVpGLR�PRUDO¶�QDV�GHSHQGrQFLDV�GD� $GPLQLVWUDomR� 3~EOLFD� 0XQLFLSDO� 'LUHWD� H� ,QGLUHWD� SRU� VHUYLGRUHV� S~EOLFRV�PXQLFLSDLV�

�� 081,&Ë3,2� '(� &$03,1$6�± 63�� /HL� Q�������� GH� ��� GH� QRYHPEUR� GH� ������9HGD� R� DVVpGLR� PRUDO� QR� kPELWR� GD� DGPLQLVWUDomR� S~EOLFD�PXQLFLSDO� GLUHWD��LQGLUHWD��QDV�DXWDUTXLDV�H�IXQGDo}HV�S~EOLFDV�

�� 081,&Ë3,2�&$6&$9(/�± 35��/HL�Q�������������GH����GH�PDLR�GH�������'LVS}H�VREUH�D�DSOLFDomR�GH�SHQDOLGDGHV�j�SUiWLFD�GH�DVVpGLR�PRUDO�QDV�GHSHQGrQFLDV�GD�DGPLQLVWUDomR�S~EOLFD�PXQLFLSDO�GLUHWD��LQGLUHWD��DXWiUTXLFD�H�IXQGDFLRQDO��SRU�VHUYLGRUHV�RX�IXQFLRQiULRV�S~EOLFRV�PXQLFLSDLV�HIHWLYRV�RX�QRPHDGRV�SDUD�FDUJRV�GH�FRQILDQoD�

�� 081,&Ë3,2�'(�*8$58/+26�± 63��/HL�Q���������'LVS}H�VREUH�D�DSOLFDomR�GH�SHQDOLGDGHV� j� SUiWLFD� GH� ³DVVpGLR� PRUDO´� QDV� GHSHQGrQFLDV� GD� DGPLQLVWUDomR�S~EOLFD�PXQLFLSDO�GLUHWD�H�LQGLUHWD�SRU�VHUYLGRUHV�S~EOLFRV�PXQLFLSDLV�

�� 081,&Ë3,2�'(�1$7$/�± 51��/HL�Q���������GH����GH�IHYHUHLUR�GH�������'LVS}H�VREUH�D�DSOLFDomR�GH�SHQDOLGDGHV�j�SUiWLFD�GH�DVVpGLR�PRUDO�QDV�GHSHQGrQFLDV�GD�DGPLQLVWUDomR�S~EOLFD�PXQLFLSDO�GLUHWD��LQGLUHWD��DXWiUTXLFD�H�IXQGDFLRQDO��SRU�VHUYLGRUHV�S~EOLFRV�PXQLFLSDLV�QRPHDGRV�SDUD�FDUJRV�GH�FRQILDQoD�

�� 081,&Ë3,2�'(�6,'52/Æ1',$�± 06��/HL�PXQLFLSDO�Q������������'LVS}H�VREUH�D�DSOLFDomR�GH�SHQDOLGDGHV�j�SUiWLFD�GH�DVVpGLR�PRUDO�QR�kPELWR�GD�DGPLQLVWUDomR�PXQLFLSDO�H�Gi�RXWUDV�SURYLGrQFLDV�

�� 081,&Ë3,2� '(� 6­2� 3$8/2�± 63�� /HL� Q��������� GH� ��� GH� MDQHLUR� GH� ������'LVS}H� VREUH� D� DSOLFDomR� GH� SHQDOLGDGHV� j� SUiWLFD� GH� ³DVVpGLR� PRUDO´� QDV�GHSHQGrQFLDV�GD�$GPLQLVWUDomR�3~EOLFD�0XQLFLSDO�'LUHWD�H�,QGLUHWD�SRU�VHUYLGRUHV�S~EOLFRV�PXQLFLSDLV�

�� 081,&Ë3,2�'(�6­2�*$%5,(/�'2�2(67(�± 06��/HL�Q������GH�� '(�$%5,/�'(�������'LVS}H� VREUH� D� DSOLFDomR�GH� SHQDOLGDGHV� j� SUiWLFD� GH� DVVpGLR�PRUDO� QR�kPELWR� GD� DGPLQLVWUDomR� S~EOLFD� GR� 0XQLFtSLR� GH� 6mR� *DEULHO� GR� 2HVWH� H� Gi�RXWUDV�SURYLGrQFLDV�

�� 081,&Ë3,2�'(�-$%27,&$%$/�± 63��/HL�Q��������GH��� GH�GH]HPEUR�GH������±Q������'LVS}H�VREUH�D�DSOLFDomR�GH�SHQDOLGDGHV�j�SUiWLFD�GH�DVVpGLR�PRUDO�QDV�GHSHQGrQFLDV�GD�$GPLQLVWUDomR�3~EOLFD�0XQLFLSDO�'LUHWD�� ,QGLUHWD��$XWiUTXLFD�H�)XQGDFLRQDO�� SRU� VHUYLGRUHV� RX� IXQFLRQiULRV� S~EOLFRV� PXQLFLSDLV� HIHWLYRV� RX�QRPHDGRV�SDUD�FDUJRV�GH�FRQILDQoD�

��� 'LVSRQtYHO�HP���KWWS���ZZZ�DVVHGLRPRUDO�RUJ!�

Page 140: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

Æ0%,72�(67$'8$/(67$'2� '2� 5,2� '(� -$1(,52��/HL� Q������� GH� ��� GH� DJRVWR� GH� ������2�

3UHVLGHQWH�GD�$VVHPEOpLD�/HJLVODWLYD�GR�(VWDGR�GR�5LR�GH�-DQHLUR��HP�FRQIRUPLGDGH�FRP� R� TXH� GLVS}H� R� �� ��� FRPELQDGR� FRP� R� �� ��� GR� DUWLJR� ���� GD� &RQVWLWXLomR�(VWDGXDO��SURPXOJD�D�/HL�Q�������GH����GH�DJRVWR�GH�������RULXQGD�GR�3URMHWR�GH�/HL�Q������� GH� ������ 9HGD� R� DVVpGLR� PRUDO� QR� WUDEDOKR�� QR� kPELWR GRV� yUJmRV��UHSDUWLo}HV� RX� HQWLGDGHV� GD� DGPLQLVWUDomR� FHQWUDOL]DGD�� DXWDUTXLDV�� IXQGDo}HV��HPSUHVDV�S~EOLFDV�H�VRFLHGDGHV�GH�HFRQRPLD�PLVWD��GR�SRGHU�OHJLVODWLYR��H[HFXWLYR�RX� MXGLFLiULR� GR� (VWDGR� GR� 5LR� GH� -DQHLUR�� LQFOXVLYH� FRQFHVVLRQiULDV� H�SHUPLVVLRQiULDV�GH�VHUYLoRV�HVWDGXDLV�GH�XWLOLGDGH�RX�LQWHUHVVH�S~EOLFR��H�Gi�RXWUDV�SURYLGrQFLDV�

(67$'2�'(�6­2�3$8/2��3URMHWR�GH�/HL�Q������������$SURYDGR�HP�VHVVmR�H[WUDRUGLQiULD� GD� $VVHPEOpLD� /HJLVODWLYD� GR� (VWDGR� GH� 6mR� 3DXOR�� HP� ��� GH�VHWHPEUR� GH� ������ 9HGD� R� DVVpGLR� PRUDO� QR� kPELWR� GD� DGPLQLVWUDomR� S~EOLFD�HVWDGXDO�GLUHWD��LQGLUHWD�H�IXQGDo}HV�S~EOLFDV�

Page 141: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

$1(;2�& -85,6358'Ç1&,$

(JUpJLR�757�GD�����5HJLmR��SLRQHLUDPHQWH��HP�EULOKDQWH�DFyUGmR�GD�ODYUD�GD�LOXVWUH�-Xt]D� FRQYRFDGD�6Ð1,$�'$6�'25(6�',21Ë6,2�� FRQVDJURX�R� DVVpGLR� FRPR� IDWR�JHUDGRU�GR�GDQR�PRUDO�³$66e',2� 025$/� ± &2175$72� '(� ,1$d­2� ± ,1'(1,=$d­2� 325� '$12�025$/�± $� WRUWXUD�SVLFROyJLFD��GHVWLQDGD�D�JROSHDU�D�DXWR�HVWLPD�GR�HPSUHJDGR��YLVDQGR� IRUoDU� VXD� GHPLVVmR� RX� DSUHVVDU� D� VXD� GLVSHQVD� DWUDYpV� GH�PpWRGRVHP�TXH� UHVXOWHP� HP� VREUHFDUUHJDU� R� HPSUHJDGR� GH� WDUHIDV� LQ~WHLV�� VRQHJDU�OKH�LQIRUPDo}HV�H�ILQJLU�TXH�QmR�R�Yr��UHVXOWDP�HP�DVVpGLR�PRUDO��FXMR�HIHLWR�p�R�GLUHLWR�j� LQGHQL]DomR� SRU� GDQR�PRUDO�� SRUTXH� XOWUDSDVVDGD� R� kPELWR� SURILVVLRQDO�� HLV� TXH�PLQDP�D�VD~GH� ItVLFD�H�PHQWDO�GD�YtWLPD�H�FRUUyL� D� VXD�DXWR�HVWLPD��1R�FDVR�GRV�DXWRV��R�DVVpGLR�IRL�DOpP��SRUTXH�D�HPSUHVD�WUDQVIRUPRX�R�FRQWUDWR�GH�DWLYLGDGH�HP�FRQWUDWR�GH�LQDomR��TXHEUDQGR�R�FDUiWHU�VLQDODJPiWLFR�GR�FRQWUDWR�GH�WUDEDOKR��H�SRU�FRQVHT�rQFLD��GHVFXPSULQGR�D�VXD�SULQFLSDO�TXH�p�D�GH�IRUQHFHU�R�WUDEDOKR��IRQWH�GH�GLJQLGDGH�DR�HPSUHJDGR��5HFXUVR� LPSURYLGR�� �757����5��52�����������������������757�35������������ '$12� 025$/�� $66e',2� 025$/�� &21675$1*,0(172��+80,/+$d­2��$R�HPSUHJDGRU�p�SHUPLWLGR�GH�IRUPD�OtFLWD��XWLOL]DU�VH�GD�SUHUURJDWLYD�OHJDO�GH�GLVSHQVDU�R�HPSUHJDGR�VHP�MXVWD�FDXVD�RX�SRU�MXVWD�FDXVD��TXDQGR�GHVHMD�LQWHUURPSHU� R� FRQWUDWR� GH� WUDEDOKR�� QmR� OKH� VHQGR� SHUPLWLGR�� FRQWXGR�� SUHVVLRQDU��KXPLOKDU� H� UHSUHHQGHU� GHPDVLDGDPHQWH� R� HPSUHJDGR�� IRUoDQGR�R� RX�FRQVWUDQJHQGR�R�D�WRPDU�D�LQLFLDWLYD�SDUD�R�GHVID]LPHQWR�GR�YtQFXOR��$�DGMHWLYDomR�LQVXOWRVD�H�FRQVWDQWH�VRIULGD�SHOR�HPSUHJDGR�SRU�SDUWH�GH�VHX�VXSHULRU�KLHUiUTXLFR�RX�SHUPLWLGD�SRU�HOH��6~PXOD�Q�����GR�&��67)���FRQVXEVWDQFLD�VH�HP�DVVpGLR�PRUDO��HQVHMDQGR� D� UHSDUDomR� GR� GDQR� DQWH� D� KXPLOKDomR� VRIULGD��757�35������������������������$&2������������5HODWRU��8%,5$-$5$�&$5/26�0(1'(6��3XEOLFDGR�QR�'-35�HP������������'HVWDFD�VH�D�GHFLVmR�GR�7ULEXQDO�QR�VHQWLGR�GH�FXPXODU�SHGLGRV�GH�LQGHQL]DomR�SRU�GDQR�PDWHULDO� H�PRUDO��5HFXUVR� H[WUDRUGLQiULR�� ,QGHQL]DomR� SRU� GDQRV�PDWHULDLV� H�PRUDLV�� &XPXODomR�� 3RVVLELOLGDGH�� ,QWHOLJrQFLD� GR� DUW����� 9� GD� &RQVWLWXLomR�� TXH�SUHFRQL]D�DSHQDV�D�H[LVWrQFLD�GH�LQGHQL]DomR�SRU�RIHQVD�D�PRUDO�GDV�SHVVRDV��QmR�FXLGDQGR� GH� VXDV� HYHQWXDLV� FDXVDV�� 3UHFHGHQWHV� GR� 7ULEXQDO�� $JUDYR� UHJLPHQWDO�GHVSURYLGR´���67)�$*��5(*��(0�5(&8562�(;75$25',1$5,2� $*55(����������')�� 5HODWRU�D��� 0LQ�� (//(1� *5$&,(�� 3XEOLFDomR�� '-� '$7$���������� 33�������(0(17�92/����������33��������-XOJDPHQWR�������������± 3ULPHLUD�7XUPD���5HFXUVR� H[WUDRUGLQiULR�� ,QGHQL]DomR�� (PEDUJRV� LQIULQJHQWHV�� &XPXODomR� GH� GDQR�PRUDO� FRP� GDQR� PDWHULDO�� ��� $FyUGmR� HP� HPEDUJRV� LQIULQJHQWHV� TXH� QHJRX�LQGHQL]DomR� SRU� GDQR� PRUDO�� HQWHQGHQGR� TXH�� QD� HVSpFLH�� QmR� RFRUUHX� RIHQVD� D�GLJQLGDGH��D�LPDJHP�H�D�UHSXWDomR�VRFLDO�GD�SHVVRD��9LRODomR�DR�DUW�����;��GD�&DUWD�0DJQD�����5HFXUVR�FRQKHFLGR�H�SURYLGR��SDUD�UHVWDEHOHFHU�R�DFyUGmR�GD����7XUPD�GR�75)����5HJLmR��QD�$SHODomR�&tYHO�Q���������������5-��3UHFHGHQWHV�GD�&RUWH�QR�5(�Q�����������63� H� 5(� Q�����������63´�� �5(� Q��������� 5(/�� 0LQ�� 1e5,� '$�6,/9(,5$�� LQ� '-� Q���� ± ����������� ± $WD� Q���� ± 5HODomR� GH� 3URFHVVRV� GD� ���7XUPD��

Page 142: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

757�35������������ 3/$12� '(� '(6/,*$0(172� 92/817È5,2�� &2$d­2��35(66­2�36,&2/Ï*,&$��',63(16$�'(�3529$�52%867$��1mR�VH�H[LJH�SURYD�UREXVWD� GD� DOHJDomR� GH� YtFLR� GH� YRQWDGH� QD� DGHVmR� D� SODQR� GH� GHPLVVmR�LQFHQWLYDGD� RX� YROXQWiULD�� +i� TXH� VH� FRQVLGHUDU� TXH�� DR� UHFHEHU� RIHUWD� GH�VLJQLILFDWLYD�LPSRUWkQFLD��HP�GLQKHLUR��R�HPSUHJDGR�QmR�p�FDSD]�GH�UHIOHWLU�VREUH�RV�UHIOH[RV�IXWXURV�GD�SHUGD�GR�HPSUHJR��3RU�LVVR��SUHVXPH�VH�TXH�D�PDQLIHVWDomR�GH�YRQWDGH�QmR� IRL�� HIHWLYDPHQWH�� OLYUH��$� GLVSHQVD�GH�SURYD� FRQWXQGHQWH� GHYH�VH�DR�IDWR�GH�TXH�D�SUHVVmR�SVLFROyJLFD��QR�DPELHQWH�GH�WUDEDOKR��RFRUUH�GH�IRUPD�YHODGD��FRP�FRQWRUQRV�TXH�VH�DSUR[LPDP�GR�DVVpGLR�PRUDO��5HFXUVR�SURYLGR�SDUD�GHFODUDU�D�QXOLGDGH� GD� GLVSHQVD� H� GHWHUPLQDU� D� UHLQWHJUDomR� GD� DXWRUD� DR� HPSUHJR�� FRP�SDJDPHQWR�GRV�VDOiULRV�H�YDQWDJHQV�GR�SHUtRGR�GH�DIDVWDPHQWR��DEDWLGRV�RV�YDORUHV�UHFHELGRV� QD� UHVFLVmR�� 75$16$d­2�� 48,7$d­2�� $57,*26� ���� (�6(*8,17(6�'2�1292�&Ï',*2�&,9,/��3DFLILFD�VH�R�HQWHQGLPHQWR�GH�TXH�D�DGHVmR�D�SODQR�GH�GHPLVVmR�LQFHQWLYDGD�QmR�REVWD�R�D-XL]DPHQWR�GH�DomR�SDUD�SRVWXODU�RXWUDV�YHUEDV�RULXQGDV�GR�FRQWUDWR��1mR�VH�FRJLWD�GH�TXH�R�DWR�FRQILJXUH�WUDQVDomR�FRP�TXLWDomR�DEVROXWD��SRLV�R�HPSUHJDGR�DJH�VRE�IRUWH�JUDX�GH� WHQVmR�H� WHUPLQD�SRU�DFHLWDU�DV�FRQGLo}HV� RIHUWDGDV� SHOR� HPSUHJDGRU� VHP� FRQVFLrQFLD� GR� DOFDQFH� H� GRV� UHIOH[RV�TXH� SRGHP� WHU�� QR� IXWXUR�� )HUH� D� ERD� Ip� REMHWLYD� D� SUHWHQVmR� GR� HPSUHJDGRU� GH�TXLWDU� PDLV� GR� TXH� SDJRX� QD� UHVFLVmR� D� TXH� R� HPSUHJDGR� VXSRVWDPHQWH� DGHULX��5HMHLWD�VH�D�SUHOLPLQDU��)*76��(;385*26�,1)/$&,21È5,26��5(63216$%,/,'$'(�'2�(035(*$'25��6H�� HP�YLUWXGH�GH�DSOLFDomR� LQFRUUHWD� GH� tQGLFHV� GH� FRUUHomR�PRQHWiULD��R�VDOGR�GD�FRQWD�YLQFXODGD�p�PHQRU�GR�TXH�R�GHYLGR��D�UHVSRQVDELOLGDGH�SRU�GLIHUHQoDV�GD�PXOWD�GH�����p�GR�HPSUHJDGRU��$LQGD�TXH�DV�GLIHUHQoDV�GR�VDOGR��GHFRUUHQWHV�GR�FULWpULR�GH�DWXDOL]DomR�H�DSOLFDomR�GH�MXURV�QmR�VHMDP�LPSXWiYHLV�DR�HPSUHJDGRU�� R� FRUUHWR� FiOFXOR� GD� PXOWD� p� GH� VXD� LQWHLUD� UHVSRQVDELOLGDGH��,QWHUSUHWDomR�GR�DUWLJR����GD�/HL�Q����������5HFXUVR�D�TXH�VH�QHJD�SURYLPHQWR��QR�SDUWLFXODU�� SDUD�PDQWHU� D� FRQGHQDomR� HP� GLIHUHQoDV� GD�PXOWD� IXQGLiULD��757�35������������������������$&2������������5(/$725�� 0$5/(1(� 7�� )89(5.,�68*8,0$768�3XEOLFDGR�QR�'-35�HP������������757�35������������ '$12� 025$/�� $*5(66­2� 36,&2/Ï*,&$�� 5(6&,6­2�,1',5(7$�'2�&2175$72�'(�75$%$/+2��$�PDQLIHVWDomR�GR�DVVpGLR�PRUDO� QD�HPSUHVD� DJUHJD�� FRPR� HOHPHQWRV� HVVHQFLDLV�� R� DEXVR� GH� SRGHU� H� D�PDQLSXODomR�SHUYHUVD�� (QTXDQWR� R� DEXVR� GH� SRGHU� SRGH� VHU� IDFLOPHQWH� GHVPDVFDUDGR�� D�PDQLIHVWDomR� LQVLGLRVD� FDXVD� PDLRU� GHYDVWDomR�� SRLV� LQVWDOD�VH� GH� PRGR� TXDVH�LPSHUFHSWtYHO��$�SULQFtSLR��D�SUySULD�YtWLPD�HQFDUD�R�IDWR�FRPR�VLPSOHV�EULQFDGHLUD��DWp� TXH� D� UHSHWLomR� GRV� YH[DPHV� H� GDV� KXPLOKDo}HV JDQKD� FRQWRUQRV� GH� XPD�HVSpFLH� GH� YLROrQFLD� VLOHQFLRVD�� SRUpP� GHPROLGRUD�� H� TXH� HYROXL� QXPD� HVFDODGD�GHVWUXWLYD�TXH�Vy�SRGH�VHU�GHWLGD�SHOD�LQWHUIHUrQFLD�GH�DJHQWH�H[WHUQR�DR�DPELHQWH�GH�WUDEDOKR��6H�D�YtWLPD�UHDJH�H�WHQWD�OLEHUWDU�VH��DV�KRVWLOLGDGHV�WUDQVIRUPDP�VH�HP�YLROrQFLD� GHFODUDGD� H� GmR� LQtFLR� j� IDVH� GH� DQLTXLODPHQWR� PRUDO�� GHQRPLQDGD� GH�SVLFRWHUURU�� $WLWXGHV� YHODGDV� FRPR� D� GH�PDQWHU� UHFLQWR� FRQKHFLGR� FRPR� µVHQ]DOD¶��RQGH� RV� HPSUHJDGRV� UHFHEHP� DGYHUWrQFLDV� HP� WRP� JURVVHLUR�� RX� DSHOLGDU� R�HPSUHJDGR�FRP� WHUPRV� KXPLOKDQWHV� FRQILJXUDP� DVVpGLR� H� SURYRFDP� DEDOR�PRUDO�TXH�GHYH�VHU�LQGHQL]DGR��5HFXUVR�D�TXH�VH�Gi�SURYLPHQWR�SDUD�UHFRQKHFHU�R�GDQR�PRUDO� H� LPSRU� LQGHQL]DomR�� 757�35������������������������$&2�������������5HODWRU��0$5/(1(�7��)89(5.,�68*8,0$768�3XEOLFDGR�QR�'-35�HP������������

Page 143: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

757�35������������ '$12� 025$/�&21),*85$d­2�2� GDQR� PRUDO� VRPHQWH� VH�FRQILJXUD� TXDQGR� IRU� GHPRQVWUDGD� HIHWLYD� YLRODomR� DR� SDWULP{QLR� PRUDO� GR�HPSUHJDGR�� JHUDGR� SHOR� DWR� SDWURQDO�� (VWD� YLRODomR�� HQWUHWDQWR�� QmR� SRGH� VHU�SUHVXPLGD�� QHP� UHFRQKHFLGD� FRP� EDVH� HP� PHUDV� DOHJDo}HV�� 2� GDQR� PRUDO� VH�FDUDFWHUL]D�SRU�HOHPHQWRV�REMHWLYRV�� TXH�GHYHP�VHU�GHPRQVWUDGRV��QmR�SRU�PHUDV�FRQVLGHUDo}HV�VXEMHWLYDV�GD�SDUWH�TXH�VH�GHFODUD�DWLQJLGD��5HFXUVR�GD�UHFODPDGD�D�TXH�VH�Gi�SURYLPHQWR��757�35������������������������$&2�������������5HODWRU��$5125�/,0$�1(72��3XEOLFDGR�QR�'-35�HP������������'$12� 025$/� ± 5(9,67$� Ë17,0$� ± $JULGH� D� SHVVRD� TXDQWR� DR� VHX� GLUHLWR� D�LQWLPLGDGH��D�SULYDFLGDGH�H�D�KRQUD�� UHYLVWD� tQWLPD�UHDOL]DGD�QD�HPSUHVD�IDEULFDQWH�GH� OLQJHULH� TXDQGR� Ki� PDLV� GH� XPD� HPSUHJDGD� GH� FDGD� YH]�� REULJDQGR�D� D�SUDWLFDPHQWH�GHVSLU�VH�QD�SUHVHQoD�GH�RXWUDV�SHVVRDV��PRUPHQWH�VHXV�FROHJDV�GH�WUDEDOKR��(�DV� FLUFXQVWkQFLDV� TXH� OHYDP�D�HVVD�SURLELomR�HQYHUHGDP�SRU� GLYHUVRV�FDPLQKRV��DWLQJLQGR�YDORUHV�WDQWR�HVWpWLFRV�H�D�DXWR�HVWLPD�GD�ODERULVWD��DVVLP�FRPR�UHOLJLRVRV� H� PRUDLV�� OHYDQGR�D� GHVGH� R� FRQVWUDQJLPHQWR� DWp� D� YHUJRQKD� H� PHGR��PDJRDQGR�D�H�D ID]HQGR�VRIUHU�GD�OHVmR�H�GHVUHVSHLWR�D�VXD�GLJQLGDGH���757���5��±������������������52�± $F�������������± ����7�± 5HO���-Xt]D�6{QLD�$SDUHFLGD�*LQGUR�± '2(63�������������757�35������������$/(*$d­2�'(� ,1&/86­2�(0� ³/,67$�1(*5$�́3/(,72�'(�'$12� 025$/�35(6&5,d­2� $3/,&È9(/�7(502� ,1,&,$/�'$7$� '$� &,Ç1&,$�3(/2�(035(*$'2�Ð186�'$�3529$�'2�$8725��4XDQWR�DR�GDQR�PRUDO��QmRVH�SRGH�� VRE�SHQD�GH�HYLGHQWH�FRQWUDGLomR�� UHFRQKHFHU�D� FRPSHWrQFLD�GD�-XVWLoD�GR�7UDEDOKR�SDUD�GHFLGLU�DFHUFD�GD�TXHVWmR�VRE�R�IXQGDPHQWR�GH�TXH�D�OHVmR�³GHFRUUH�GD� UHODomR� GH� WUDEDOKR´�� H�� DR� PHVPR� WHPSR�� VH� GHL[D� GH� UHFRQKHFHU� R� SUD]R�SUHVFULFLRQDO� SUHYLVWR� SDUD� DV� GHPDQGDV� WUDEDOKLVWDV� VRE� R DUJXPHQWR� GH� TXH� VH�WUDWD�GH�³WHPD�FLYLOLVWD´��7DO�SUHWHQVmR�QmR�HQFRQWUD�DPSDUR�QHP�QR�'LUHLWR�QHP�QD�OyJLFD�� &DVR� FRQWUiULR�� HP� ~OWLPD� DQiOLVH�� R� TXH� VH� HVWDULD� DXWRUL]DQGR� VHULD� R�³DSURYHLWDPHQWR�DGHTXDomR´� GH� QRUPDV� VREUH� FRPSHWrQFLD�SUHVFULomR�� VHJXQGR� D�PHUD�FRQYHQLrQFLD�GD�SDUWH��2X��GLWR�GH�RXWUR�PRGR��TXDQGR�j�SDUWH�DSURXYHVVH��R�PHVPR�IXQGDPHQWR�MXUtGLFR��QDWXUH]D�MXUtGLFD�GD�GHPDQGD�RULJHP�WUDEDOKLVWD���VHULD�XWLOL]DGR�SDUD�DWUDLU�RX�DIDVWDU�D�LQFLGrQFLD�GH�GHWHUPLQDGDV�UHJUDV��2�RUGHQDPHQWR��VHP� HPEDUJR�� QmR� Gi� JXDULGD� D� WDO� ³OLQKD� GH� UDFLRFtQLR´�� ,VWR� SRVWR�� QR� FDVR� HP�FRQFUHWR��HP�IDFH�GH�DOHJDomR�GH�H[LVWrQFLD�GD�FKDPDGD�³OLVWD�QHJUD´��FDEH�R�DXWRU�ID]HU�SURYD�GD�GDWD�HP�TXH�HIHWLYDPHQWH� WHYH�FLrQFLD�GH�VXD� LQFOXVmR�QD� UHIHULGD�OLVWD��'LDQWH�GD�DXVrQFLD�GH�SURYD�QHVWH�VHQWLGR��D�GDWD�GD�HPLVVmR�GD�VXSRVWD�OLVWD��SRUTXH�D�GDWD�GD�HPLVVmR�GD�OLVWD��HYLGHQWHPHQWH��p�R� OLPLWH�SDUD�R�FRQKHFLPHQWR�GH� VXD� H[LVWrQFLD�� p� TXH� GHYH� VHU� FRQVLGHUDGD� R� WHUPR� LQLFLDO�SDUD� FRQWDJHP� GR�SUD]R�SUHVFULFLRQDO�GH�GRLV�DQRV�SDUD�D-XL]DPHQWR�GD�DomR��757�35������������������������$&2�������������5HODWRU��68(/,�*,/�(/�5$),+,��3XEOLFDGR�QR�'-35�HP������������5(9,67$6�± '$12�025$/�± ,1'(1,=$d­2�± 1mR�UHVWDQGR�HYLGHQFLDGD�TXDOTXHUYLRODomR� j� LQWLPLGDGH� SHVVRDO�� FDUiWHU� GLVFULPLQDWyULR� GD� UHYLVWD� RX� TXH� D�PHVPD�HVWLYHVVH�GLUHFLRQDGD�DSHQDV�D�XP�GHWHUPLQDGR�QtYHO�KLHUiUTXLFR�GRV�HPSUHJDGRV��QmR�VH�ID]�SRVVtYHO�D�FDUDFWHUL]DomR�GH�YLRODomR�j�LQWLPLGDGH�SHVVRDO��j�LPDJHP��j�SULYDFLGDGH RX�j GLJQLGDGH��0HVPR�TXH�KDMD�FHUWR�GHVFRQIRUWR�DR�HVWDU�VXEPHWLGR�D�SURFHGLPHQWRV� GHVWD� QDWXUH]D�� LPS}H�VH� D� LQHTXtYRFD� GHPRQVWUDomR� IiWLFD� GD�FRQGXWD� QR� GLVSRVWR� QR� DUW����� ,QFLVRV� 9� H� ;�� GD� &)����� ,QGHYLGD� D� LQGHQL]DomR�

Page 144: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

SOHLWHDGD��6HQWHQoD�TXH�VH�PDQWpP���757���5��± 52������������± $F������������± ���7�± 5HO��-XL]�6HUJLR�0XULOR�5RGULJXHV�/HPRV�± '-35�������������757�35������������'$12�025$/�± ,1'(1,=$d­2�± 3DUD�UHVWDU�FDUDFWHUL]DGR�R�GDQR�PRUDO�p�PLVWHU�R�QH[R�FDXVDO�HQWUH�R�SUHMXt]R�VRIULGR�H�D�UHODomR�HPSUHJDWtFLD��,PSRUWD�� SRU� ILP�� VDOLHQWDU� TXH� D� LQGHQL]DomR� SRU� GDQR�PRUDO� p� FDUDFWHUL]DGD� SRU�HOHPHQWRV� REMHWLYRV� H� QmR SRU�PHUD� FRQVLGHUDomR� VXEMHWLYD� GD� SDUWH� TXH� VH� GHFODUD�DWLQJLGD��(QWHQGR�TXH��LQ�FDVX��QmR�KRXYH�R�GHVUHVSHLWR�j�LQWLPLGDGH�RX�j YLGD�SULYDGD�GD�DXWRUD��RX��DLQGD��DEDOR�TXH�GHQHJULVVH�D�VXD�LPDJHP�GH�IRUPD�TXH�FXOPLQDVVH�HP�JUDYH�GDQR�DR�FRQFHLWR�VRFLDO�GR�DWLQJLGR�HP�TXHVWmR��,QGHYLGD�TXDOTXHU�LQGHQL]DomR��757�35������������������������$&2������������� 5(/$725�� 6(5*,2� 085,/2�52'5,*8(6�/(026��3XEOLFDGR�QR�'-35�HP������������'$12�025$/�± &21),*85$d­2�± $127$d­2�'(�%$,;$�(0�&736�± $�Up�IRL�DOpP�GD�RUGHP� MXGLFLDO� DR� ID]HU� FRQVWDU�QDV�$QRWDo}HV�*HUDLV�GD�&736�GR�DXWRU��GHVQHFHVVDULDPHQWH�� TXH� D� EDL[D� GR� FRQWUDWR� GH� WUDEDOKR� IRL� UHDOL]DGD�SRU�GHWHUPLQDomR� MXGLFLDO�� LQIRUPDQGR� LQFOXVLYH� R� Q~PHUR� GD� 57�� 1mR� Ki� DXWRUL]DomR�OHJDO��QHP�MXGLFLDO�SDUD�HVWD�DQRWDomR��)LFRX�HYLGHQWH�R� LQWXLWR�GD�Up�HP�PDFXODU�R�HVSHOKR�SURILVVLRQDO�GR�WUDEDOKDGRU��FRP�R�PHVTXLQKR�REMHWLYR�GH�GLILFXOWDU�D�EXVFD�GH� QRYR� HPSUHJR�� 3HOD� JUDYLGDGH� GR� DWR�� H[LJH�VH� UHSDUDomR� j� DOWXUD� GR� GDQR�SDWULPRQLDO�VRIULGR�QD�YLGD�SURILVVLRQDO�GR�UHFODPDQWH�H�SHOR�DEDOR�GH�VXD�LPDJHP��$OpP� GLVVR�� D� FRQGHQDomR� WDPEpP� GHYH� WHU� XP� FXQKR� SHGDJyJLFR� SDUD� TXH��IXWXUDPHQWH�� D� Up� DEVWHQKD�VH� GH� SUDWLFDU� DWRV� DWHQWDWyULRV� j� GLJQLGDGH� GRV�WUDEDOKDGRUHV�� 3RUWDQWR�� PDQWLGD� D� GHFLVmR� GR� MXt]R� D� TXR� TXH� FRQGHQRX� D�UHFODPDGD�DR�SDJDPHQWR�GH�LQGHQL]DomR�SRU�GDQRV�PRUDLV��QR�LPSRUWH�GH����YH]HV�R�~OWLPR�VDOiULR�GR�DXWRU���757����5HJLmR�± 52������������± 35�± $F������������±���7XUPD�± 5HO��-XL]�:LOVRQ�3HUHLUD�± '-35�������������'$12�025$/�± Ð186�'$�3529$�± 1mR�FRPSURYDGD�D�DOHJDomR�IHLWD�QD�H[RUGLDO�GH�TXH�R�REUHLUR� WHQKD�VLGR�KXPLOKDGR�H�RIHQGLGR�SHUDQWH�RV�FROHJDV�GH� WUDEDOKR�SHORV�VHJXUDQoDV�GD�HPSUHVD��QmR�VH�Ki�FRPR�PDQWHU�D�FRQGHQDomR�GD�UHFODPDGD�QR� SDJDPHQWR� GH� LQGHQL]DomR� SRU� GDQR� PRUDO�� 7RGDYLD�� p� GH� VH� PDQWHU� D�FRQGHQDomR�QR�TXH� WDQJH�j� REULJDomR�GH�GDU� DPSOD� GLYXOJDomR�GHQWUR� GR�SDUTXH�LQGXVWULDO�GD�LQRFrQFLD�GR�HPSUHJDGR�VREUH�R�TXDO�SDLURX�D�VXVSHLWD�GH�IXUWR���757����5��± 52����������± ���7��± 5HO��-XL]�$QW{QLR�&DUORV�$UHDO�± '25-�������������'$12�025$/�± 5(9,67$�'(�(035(*$'26�± $�UHYLVWD�SHVVRDO�GR�WUDEDOKDGRU��TXDQGR�IHLWD�FRP�SUiWLFDV�DEXVLYDV�j�VXD�LQWLPLGDGH�RX�GLJQLGDGH��FDUDFWHUL]D�GDQR�PRUDO��QD�PHGLGD�HP�TXH�R�GLUHLWR�GR�HPSUHJDGRU�GH�SUHVHUYDU�VHX�SDWULP{QLR�SRU�FHUWR�HVEDUUD�QR�GLUHLWR�SHVVRDO�LQGLVSRQtYHO�GH�VHXV�HPSUHJDGRV�GH�PDQWHUHP�VXD�LQWLPLGDGH�LQYLRODGD��GLUHLWR�HVWH�HVWDEHOHFLGR�QR�DUW����LQFLVR�,,,�H�;�GD�&RQVWLWXLomR�)HGHUDO���757���5��± 52����������± ���7�± 5HO���-Xt]D�'RULV�/XLVH�GH�&DVWUR�1HYHV�± -XOJ�������������± '25-�������������'$12� 025$/� ± ',63(16$� '2� (035(*$'2� 325� -867$� &$86$�± (P�SULQFtSLR��QmR�Ki�QHFHVVDULDPHQWH�GDQR�PRUDO�QR� IDWR�GR�HPSUHJDGRU�GLVSHQVDU�R�HPSUHJDGR� VRE�R� IXQGDPHQWR� GH� MXVWD� FDXVD�� GHQWUR� GDV� KLSyWHVHV�GR�DUW�����GD�&/7��2�MXL]�GHYH�YHULILFDU�D�JUDYLGDGH�GD�RIHQVD��R�kPELWR�HP�TXH�HOD�VH�GHX�H�DV�FRQVHT�rQFLDV�GD�DFXVDomR�QD�YLGD�GR�WUDEDOKDGRU��R�TXH�FRQVWLWXL�PDWpULD�VXMHLWD�j�SURYD��2�GDQRPRUDO�QmR�DFHLWD�SUHVXQomR�GH�VRIULPHQWR�RX�GH�GRU�LQVXSRUWiYHO�SDUD�MXVWLILFDU� LQGHQL]DomR�Pi[LPD��e�SUHFLVR�TXH�KDMD�HYLGrQFLD��SURYD� UHDO��GR�GDQR�j�PRUDO�GR�WUDEDOKDGRU��,QGHSHQGHQWHPHQWH�GD�H[LVWrQFLD�RX�QmR�GH�MXVWD�FDXVD��R�MXL]�

Page 145: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

SRGHUi�TXDOLILFDU�D RIHQVD�FRPR�GDQR�PRUDO�HP�JUDX�Pi[LPR��PpGLR�RX�PtQLPR��GH�DFRUGR�FRP�R�LOtFLWR���757���5��± ������������± 52�± $F�����7�������������± 5HO��/8,=�('*$5�)(55$=�'(�2/,9(,5$�± '2(�������������'$12�025$/�± 35(67Ë*,2�'2� ,167,7872�± 2�GDQR�PRUDO� p� LQVWLWXWR� GH�PmR�GXSOD� H� WDQWR� SRGHUi� VHU� DSOLFDGR� DR� HPSUHJDGRU� TXDQWR� DR� HPSUHJDGR��6LPSOHV�DOHJDo}HV�GH�GHIHVD�RX�DILUPDo}HV�LQLFLDLV�QmR�SURYDGDV�QmR�FRQGX]HP�DR�³LWHU´�GR�GDQR�PRUDO��2�GROR�RX�D�FXOSD�JUDYH�SRGHUmR��HP�FHUWRV�FDVRV��GDU�HQVHMR�DR�GDQR�PDWHULDO� H� DR�GDQR�PRUDO��2�DoRGDPHQWR� p�PDX� FRQVHOKHLUR�� TXDQGR� VH�SUHWHQGH�TXH� VLPSOHV� DOHJDo}HV� QmR� SURYDGDV� GHViJ�HP�HP� LQGHQL]DomR��3URFHVVR� QmR� p�OXJDU� SDUD� VH� OHYDU� YDQWDJHP�� PDV� SDUD� EXVFDU� R� TXH� p� GHYLGR�� �757��� 5��±������������������52�± $F��������������± ���7�± 5HO��-XL]�)UDQFLVFR�$QWRQLR�GH�2OLYHLUD�± '2(63�������������'$12�025$/�± 48$17,),&$d­2�± $�TXDQWLILFDomR�SRU�GDQR�PRUDO�HVWi�DWUHODGD�D�YiULDV� FRQVLGHUDo}HV��$�VLWXDomR�RFRUULGD�H�DV�SHVVRDV�HQYROYLGDV�VmR�GLVWLQWDV�DFDUUHWDQGR�FRQVHT�rQFLDV�GLIHUHQWHV��&DEH�DR� MXL]�VRSHVDU�DV�FLUFXQVWkQFLDV�TXH�FHUFDP�R�GDQR�PRUDO��DWULEXLQGR��DVVLP��XP�³TXDQWXP´�FRQGL]HQWH�FRP�D�UHSDUDomR���757��� 5�� ± ����������������������� 52� ± ��� 7�� ± 5HO�� -XL]� 3DXOR� 5REHUWR� GH�&DVWUR� ± '-0*� ����������� 3������ 5HO�� -Xt]D� $OLFH� 0RQWHLUR� GH� %DUURV�± '-0*�������������757�35������������ &203(7Ç1&,$� '$� -867,d$� '2� 75$%$/+2� ± '$12��025$/�'(&255(17(�'$�5(/$d­2�'(�75$%$/+2�± 'HYH�VHU� UHFRQKHFLGD�D�FRPSHWrQFLD� GD� -XVWLoD� GR� 7UDEDOKR� SDUD� DSUHFLDU� H� MXOJDU� SOHLWR� UHODWLYR� DR�SDJDPHQWR�GH� LQGHQL]DomR�SRU�GDQR�PRUDO�GHFRUUHQWH�GD� UHODomR�GH� WUDEDOKR��SRU�IRUoD� GR� DUWLJR� ����� 9,�� GD� &)�� (VWH� HQWHQGLPHQWR� HVWi� VHGLPHQWDGR� QD� 6~PXOD�Q����� GR� 767� �FRP� UHGDomR� GDGD� SHOD� 5HVROXomR� Q������������ 2V� DXWRV� GHYHP�UHWRUQDU�j�RULJHP�SDUD�DSUHFLDomR�GD�PDWpULD��SDUD�HYLWDU�D�VXSUHVVmR�GH�LQVWkQFLD��757�35������������������������$&2������������± 5HO��6HUJLR�0XULOR�5RGULJXHV�/(026��3XEOLFDGR�QR�'-35�± �����������757�35������������&2/(725�'(�/,;2�± 3(','2�'(�'$12�025$/�(0�5$=­2�'$�720$'$�'(�5()(,d®(6� ³1$�58$´�± $86Ç1&,$�'(� ,/,&,78'(�,1'(9,'$�5(3$5$d­2� 025$/� ± ,QVXEVLVWHQWH� R� SHGLGR� GH� GDQR� PRUDO�� WHQGR� SRU�IXQGDPHQWR� D� WRPDGD� GH� UHIHLo}HV� ³QD� UXD´�� $� SDU� GH� QmR� WHU� UHVWDGR�VXILFLHQWHPHQWH�GHPRQVWUDGD�D�REULJDWRULHGDGH�GH�TXH�R�DXWRU�VH�DOLPHQWDVVH� ³QD�UXD´�WHVH� GD� GHIHVD� p� TXH� WLQKD� DPSOD� OLEHUGDGH� SDUD� ID]r�OR�� HP� ODQFKRQHWHV��SRVWRV�GH�JDVROLQD��p�LQFRQWURYHUVR�R�IRUQHFLPHQWR�GH�WtTXHWH�DOLPHQWDomR�SHOD�Up��R�TXH� SRU� VL� Vy�� Mi� YHP� HP� IDYRU� GD� SDUWH� UHTXHULGD�� (�� DLQGD� TXH� SURYDGR� VH�FRQVLGHUH� R� IDWR�� QmR�VH� UHYHVWH� GH� LOLFLWXGH��&ROHWRU� GH� OL[R� R� DXWRU�� D� IXQomR�HUD�H[WHUQD� H� LWLQHUDQWH� SRU� QDWXUH]D�� GDt� GHFRUUHQGR�� SULPHLUR� D� LQH[LJLELOLGDGH� GR�UHWRUQR�GLiULR�DR�UHIHLWyULR�GD�HPSUHVD�WUDMHWR� WRPDULD� WRGR��RX�ERD�SDUWH�GR� WHPSR�LQWHUYDODU�� 6HJXQGR�� ID]HU� UHIHLo}HV� GHEDL[R� GH� iUYRUH� QmR� p� IDWRU� GH� DIURQWD� j�GLJQLGDGH��e� FRQGLomR�TXH� UHTXHU� KXPLOGDGH�SRU� SDUWH� GR�HPSUHJDGR��PDV�QmR�D�KXPLOGDGH� YH[DWyULD�� PDV� DTXHOD� SUySULD� GH� TXHP� H[HUFH� IXQomR� WmR� GLJQLILFDQWH�TXDQWR�HVVHQFLDO��'HVFRQIRUWiYHO��VDFULILFDQWH��p�YHUGDGH��PDV�QmR�LOtFLWD��SRUTXDQWR�QmR� IHUH� QHQKXP� GLVSRVLWLYR� GH� OHL�� LQH[LVWLQGR�� GR� PHVPR� PRGR�� QRUPD�FRQYHQFLRQDO� GLVSRQGR� VREUH� REULJDWRULHGDGH� GD� Up� SURSLFLDU� FRQGLo}HV� GLYHUVDV�SDUD� WRPDGD� GDV� UHIHLo}HV��757�35������������������������$&2������������ ±5HO��6XHOL�*LO�(O�5DILKL�± 3XEOLFDGR�QR�'-35�± �����������

Page 146: 2 $66e',2 025$/ 1$6 5(/$dÆ(6 '(( 035(*2 62% $ 3(563(&7,9 ... · txh frqihuh rxqmr grsrqwrgh ylvwd vxemhwlyr rqhurvlgdghhpsuhjdwtfld dr ytqfxorlqvwlwxtgrhqwuhdvsduwhv¥ (rdxwru

���

757�35������������± '$12�025$/�± ,1'(1,=$d­2�± $� LQGHQL]DomR�SRU�GDQR�PRUDO� p� FDUDFWHUL]DGD� SRU� HOHPHQWRV� REMHWLYRV� H� QmR� SRU� PHUD� FRQVLGHUDomR�VXEMHWLYD� GD� SDUWH� TXH� VH� GHFODUD� DWLQJLGD�� ,Q� FDVX�� QmR� KRXYH� FRPSURYDomR� GH�GHVUHVSHLWR� j� LQWLPLGDGH� RX� j� YLGD� SULYDGD� GD� DXWRUD�� RX�� DLQGD�� DEDOR� TXH�GHQHJULVVH�D�VXD�LPDJHP�GH�IRUPD�TXH�FXOPLQDVVH�HP�JUDYH�GDQR�DR�VHX�FRQFHLWR�VRFLDO�� ,QGHYLGD� TXDOTXHU� LQGHQL]DomR�� 757�35������������������������$&2������������ ± 5HO�� 6HUJLR� 0XULOR� 5RGULJXHV� /HPRV� ± 3XEOLFDGR� QR� '-35� ±�����������